Here are the essential details. In comparison to June of 2010, consumer bankruptcies decreased by over seventeen percent in June of 2011. The prevalence of business bankruptcy has decreased by more than eight percent over the past year. Insolvencies have also decreased by 11.2 percent. Even though the rates are still higher than they were prior to the onset of the recession, the fact that the incidence of bankruptcy has decreased so significantly is excellent news that can provide some measure of optimism for the future months and years. While there is no single factor that can be identified as the cause of the decline in bankruptcies, there are a variety of options available to those confronting bankruptcy that may have contributed to the decline.
The most apparent change is the slight improvement in employment. Even if you're working at a job that pays less than you're accustomed to, your income is still important. And with the rise of financial companies such as Prudent Financial Services that are willing to offer advice and assistance to those attempting to keep their heads above water, it is becoming somewhat simpler to avoid bankruptcy. Restructuring your debt, improving your monthly budget, refinancing with lower interest rates or longer repayment terms, and other options are available to help you make your payments and avoid bankruptcy.
If you are one of the many individuals who are still on the verge of filing for bankruptcy, researching your options and ways to save money could help you avoid filing for bankruptcy altogether. The most recent statistics regarding this topic indicate that fewer individuals are filing for bankruptcy and coping with insolvencies. Hopefully, this will generate a domino effect that has positive ripple effects on the rest of our financial sectors. Ultimately, only time will tell.
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