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Improving Ohio Economy Lowers Rate of Bankruptcy

Improving Ohio Economy Lowers Rate of Bankruptcy

Good news for the overall economic health of northwest Ohio – as the economy has improved there has been a steady drop in the number of bankruptcy filings. In September of this year, 401 cases were filed in the U.S. Bankruptcy Court in Toledo. September marks the seventh straight month that filings have declined, an indication that there has been a steady decline in filings over 24 of the last 25 months.

Experts say that the decline in bankruptcy filings may be attributed to fewer foreclosures in the state and lower interest rates, which allow individuals to refinance their debt as well as. The total number of filings in the Toledo bankruptcy court, which covers 20 counties in northwest Ohio, for the year stands at 4,452. This is an impressive 16 percent decline over the same period last year.

Although these statistics show a decrease in bankruptcy filings, it in no way indicates that the struggle with debt is over. Consumers sought debt relief through Chapter 13 bankruptcy, which provides for a payoff plan over time to creditors. So far this year, a total of 396 were filed in Ohio. Even more consumers resorted to Chapter 7 bankruptcy, which generally leads to a liquidation of assets, with 4,043 filings between January and September of this year.

Like many Americans across the nation, households in Ohio face high credit card debt, medical bills and high interest rates on mortgages that they cannot pay. Bankruptcy may be a viable option for those struggling with financial difficulties to help them get back on solid financial ground.

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