People in Mississippi who are struggling to pay their bills and still provide for their families are not alone. New data shows that the state has the fourth highest rate of bankruptcy filings nationwide. In addition, the number of individuals and businesses that have filed for bankruptcy is on the rise.
As reported by AutoRemarketing, Mississippi saw an average of 4.32 people per every 1,000 residents submit an application for bankruptcy in August of 2018. That is considerably higher than the national average of 2.51 for the same period of time and than the 2.49 seen nationally from January through July of this year. The three states with more bankruptcy filings than Mississippi in August were also in the south. Alabama, Texas and Georgia held the top three spots for states with most bankruptcy filings per 1,000 people with rates of 5.73, 5.56 and 4.62, respectively.
When looking across the country as a whole, the number of consumers who filed for bankruptcy in August of 2017 was 64,865. In July of 2018, that number dropped to 59,119 but then jumped in August of 2018 to 65,335.
Total filings that include both consumer and business bankruptcies have also been on the rise. In August 2017, 68,231 bankruptcy cases were initiated. In July of this year, that dipped to 62,233 and then rose again in August just like consumer bankruptcy filings to a total of 68,499 new cases initiated. These statistics are provided by data from Epiq Systems and support the ongoing need for bankruptcy relief by both individuals and companies despite what many indicate is a healthy and strong economy.