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Bankruptcy trends in the U.S. and Mississippi

It has been roughly a whole decade now since the Great Recession hit the United States. While many people in Mississippi have been enjoying the results of a healthier economy there continue to be many who struggle to make ends meet. Despite news reports these people are far from alone and in fact may represent a growing population once again.

According to data provided by the American Bankruptcy Institute, in the entire year of 2017 a total of 12,155 personal bankruptcies were filed in the state of Mississippi. This represented an increase over the prior year. Despite Chapter 7 bankruptcies being the most common type thought about, only 46 percent of these filings were for Chapter 7 plans whereas Chapter 13 plans accounted for 53 percent of all bankruptcy filings statewide in 2017.

As of April 2018, there had been 4,272 personal bankruptcy filings in Mississippi which also represented an increase over the prior year at the same time. By this point, the number of Chapter 7 and Chapter 13 plans filed for was almost equal with Chapter 7 plans accounting for 50 percent of filings and Chapter 13 plans accounting for 49 percent of filings.

Nationwide, the United States Courts indicates that since June 2011 the number of personal bankruptcies has actually declined. However, for the twelve months spanning October 2016 through September 2017, the decline rate was the smallest seen since that June 2011 mark with only 1.8 percent fewer Chapter 7 and Chapter 13 filings than at the same point in the previous year. As of September 2017, almost 791,000 bankruptcy filings had taken place in the preceeding 12 months compared to just over 805,500 in the previous period.

 

 

 

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Pond Law Firm
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Jackson, MS 39216

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