If you are thinking about filing for bankruptcy, it is important to know that you are not alone and many people are also struggling with unmanageable debt. For many businesses and individuals, bankruptcy provides a sense of hope and opens the door to a brighter financial future. However, approaching the process correctly is important and some people gain confidence with the realization that many other Americans are pursuing this debt relief strategy as well.
Unfortunately, some people wrongly believe that bankruptcy is very rare and that they are a failure for taking this approach to their financial problems, even though many successful people have filed for bankruptcy before.
Reviewing statistics on bankruptcy
In recent years, the number of people who filed for bankruptcy has declined, according to the U.S. Courts. However, many people continue to file for bankruptcy and in the 12-month period that ended in March 2019, more than 772,000 businesses and individuals filed for bankruptcy. In recent years, the numbers were even higher. In 2016, there were more than 833,000 bankruptcies and in 2015, there were 911,086 bankruptcies.
Reviewing your options regarding bankruptcy
People who realize the benefits of bankruptcy are often more likely to file, but there are different types of bankruptcy and some strategies make more sense than others, depending on your unique circumstances. From Chapter 13 to Chapter 7, there are various ins and outs of these options that you need to look into and make sure that you carefully reflect on the individual aspects of your life (such as your current income, property, etc.).