{"id":49568,"date":"2015-01-06T00:00:00","date_gmt":"2015-01-06T06:00:00","guid":{"rendered":"https:\/\/1482253-fork.findlaw2.flsitebuilder.com\/blog\/2015\/01\/bankruptcy-filings-down-but-process-still-vital-for-many\/"},"modified":"2015-01-06T00:00:00","modified_gmt":"2015-01-06T06:00:00","slug":"bankruptcy-filings-down-but-process-still-vital-for-many","status":"publish","type":"post","link":"https:\/\/millermillerlaw.com\/bankruptcy-filings-down-but-process-still-vital-for-many\/","title":{"rendered":"Bankruptcy filings down, but process still vital for many"},"content":{"rendered":"

According to a recently-released report from the American Bankruptcy Institute, there were 910,090 bankruptcies filed in 2014. This represented a 12 percent decrease from the 1,032,572 total filings that took place the year before.<\/p>\n

This was the fifth year in a row that bankruptcy filings have fallen, and the first time that total filings fell below 1 million since before the economic recession in 2007. The falling number of bankruptcy filings could be a sign that the economy is steadily improving, and experts say that low interest rates and high filing costs are also contributing factors to the decline.<\/p>\n

But this isn’t to say that all Americans are in a better place financially than they were a few years ago. There are still hundreds of thousands of Americans who are in over their heads with debt and will depend on the bankruptcy process to regain control over their finances in 2015.<\/p>\n

Here are a few examples that suggest that bankruptcy might be a good option:<\/p>\n