The History of Bankruptcy In The U.S

: Reese Baker & Associates

  Filed under: Bankruptcy Information

bankruptcy attorney Houston texas, lawyer, bankruptcy fees, Texas, attorney,The history of bankruptcy in America is a relatively young one. Over the course of the past 100 years, the amount of people who have resorted to seeking protection through bankruptcy has grown exponentially. In the very first part of the 20th century relatively few people sought bankruptcy protection with a mere 0.15% per 1000 people actually filing.

Things began to pick up steam through the 60’s and then when the 80’s hit the US Bankruptcy boom began. In the 24 years between 1980 and 2004 the average rate of those seeking bankruptcy protections rose to a whopping 7.6 % per 1000 per year. The number has cooled down somewhat with the average falling to 5.3 % per 1000 since 2004. This is still a high number but at least the numbers have gone down a little.

The national average does not however take into account exactly where the filings occur; they are taken as a snapshot of the entire country. When you begin to break them down by state you begin to see some startling information that should be eye opener for many. The highest rate of bankruptcies per state was in Tennessee, with a huge 10 per 1000 people seeking protection. Contrast that with the other end of the spectrum which is Massachusetts which averaged only 2.8 per 1000 citizens.

The final analysis of this information is that you need to break the data down to get a really good idea of what is truly happening across this country. To say that the numbers are lower is not a good indicator of the economic health of the average citizen. You need to dig a little deeper to fully comprehend what the data is saying and make policy based on the true data, not just the overall big picture.

If you are thinking about bankruptcy in Texas, be sure to use the services of a qualified Houston Texas bankruptcy attorney.