Fewer Texans filing for bankruptcy

The number of Texans filing for bankruptcy appears to have gone down for the second straight year. One U.S. Bankruptcy Court in Texas has seen filings reduced by as much as 10 percent.

It’s likely that the number has decreased in part because of an improved economy. Fewer people are out of work, and (as we mentioned in a previous post) foreclosures are also declining in numbers.

However, it’s also possible that the reduction in foreclosures has come about because so many individuals experiencing problems regarding their home loans have already gone through the foreclosure process. Also, banks seem to have been more willing to modify loans, and this has possibly reduced the number of bankruptcy filings. Finally, business liquidations have also greatly decreased during this period.

Without question, many homeowners turn to Chapter 7 or Chapter 13 bankruptcy filings to help deal with the debt and prevent foreclosure from occurring. There are also other ways to manage one’s debt that may not involve filing for bankruptcy.

For example, consumer spending reductions have also been cited by the American Bankruptcy Institute as a means of getting out of debt and preventing foreclosure. Learning new spending habits can come about because of credit counseling and working with creditors to help make payments more bearable for families.

For individuals from the Dallas and Forth Worth area facing mounting debt, attorneys experienced in bankruptcy and other debt relief methods may prove to be a valuable asset. These attorneys can work with individuals to protect their assets, reduce or eliminate debt, come up with a plan for rehabilitating one’s credit, and work with creditors on the behalf of clients.

Source: My San Antonio, “More people staying solvent,” by Patrick Danner, Jan. 3, 2013

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