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Jacksonville Beach Bankruptcy: Bankruptcy Filing Rates Drops Six Percent

Four times each year, various agencies across the country conduct extensive surveys and collect data in order to get a snapshot of how the nation’s economy looks. After the first quarter of 2011, the American Bankruptcy Institute and the National Bankruptcy Research Center are reporting good news: the number of filings in the first three months of 2011 dropped from this time last year.

There were 363,215 bankruptcy filings after the first quarter of 2010. After the first quarter of 2011, however, there were 340,012. That’s a drop of 6%, which analysts see as a positive sign that the economy might be recovering – if only slightly.

However, others are pointing to the fact that credit is more difficult to come by, meaning people aren’t as able to accumulate unmanageable debt and file for bankruptcy. Others speculate that the reduction is due to the backlog of foreclosures in Florida, which has allowed people to stay in their homes for longer than they otherwise would have. This allows them to avoid bankruptcy – at least for now. Whatever the case may be, the numbers are encouraging.

Nevertheless, the numbers are still higher than average and you may find yourself among the many making the difficult decision to file bankruptcy. If you are facing bankruptcy, contact a Jacksonville Bankruptcy Lawyer to discuss your options and help you emerge with more manageable debts.

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