When families or individuals are embroiled in financial battles, it often seems that they alone are struggling. While our culture today is more open about money matters, we still don't tend to discuss intimate financial details with others, which is why it might appear that everyone else is doing fine as we struggle. When you look at state bankruptcies by the numbers, however, you realize that you are not alone if you are going through this process.
As of July, the number of bankruptcies filed in the state of Washington totaled 11,005 for the year. The total for the entire nation is just under half a million filings. Both the nation and the state have seen decreased bankruptcy activity when compared to 2014 numbers. The state is down 15 percent compared to last year and the nation is down 22 percent. Still, with thousands of people filing, it is clear that one family in such a situation is far from alone.
When you breakdown the numbers, approximately 76 percent of all filings in the state of Washington were Chapter 7 filings. A total of 8,308 filings were of the Chapter 7 variety. Chapter 13 bankruptcies accounted for 2,639 filings. July numbers were 4 percent over numbers from June for the state.
While bankruptcy in general is not a unique situation, as can be seen from the statistics above, it is a very personal situation for individuals and families. Each bankruptcy is unique because every family's situation is unique. Understanding how to apply legal steps to your debt situation can help you seek a positive resolution that will provide a better starting point for your future.
Source: American Bankruptcy Institute, "Statistics from Epiq Systems," accessed Aug. 28, 2015