Over the last year, bankruptcy filings throughout the nation have declined by a substantial 13 percent, indicating an increasing pace of economic recovery, according to some. In Ohio, however, while there has also been a decline in such filings, it has been a much smaller decline.
The Ohio federal court for the northern district of the state registered a total of 26,710 new bankruptcy cases of all kinds in the one year period ending the last day of June, down from 28,107 such cases during a comparable period the year before. That amounted to a 5 percent decline in the area including Richland County.
In the southern federal district court in the state, the decline was 10.3 percent as new bankruptcy filings dipped from 25,728 to 23,067.
One commentator noted that Richland County, while experiencing some alleviation from previous high unemployment, still had a rate of unemployment that was larger than 8 percent in June, which represented close to a full percentage point over the Ohio statewide rate. While there appear to be many employers in the County currently looking to fill vacancies, many of the positions appear to require applicants with high levels of training and skills that are not readily available, making the jobs somewhat difficult to fill.
In the current economic climate, it is therefore understandable that many individuals, families, and businesses are experiencing economic difficulties. Bankruptcy filing often represents an opportunity for those grappling with crippling debt to get a fresh start in life, while in many instances being able to save important assets such as homes and vehicles and put an immediate stop to creditor harassment, wage garnishments, and mortgage foreclosures. If you are facing financial problems you may wish to consider consulting with an experienced bankruptcy attorney to see what your options are.
Source: Mansfield News Journal, "Bankruptcy filings down, but financial recovery appears slower in Ohio" Linda Martz, Aug. 04, 2013