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Good news on Ohio bankruptcy front comes with a caveat

On Behalf of | Aug 12, 2016 | Chapter 13 Bankruptcy |

Financially, things are materially improving in Ohio and nationally, in the long wake of the country’s so-called Great Recession that launched with frightening and sustained ferocity back in 2007.

But, where statistics are concerned, it invariably seems to be the case that relevant numbers can be interpreted in competing ways.

And that certainly turns out to be true regarding any “state of the economy” analysis applicable to Ohio.

For instance, a recent Ohio media article references “a steady decline in [bankruptcies] in the first half of the year.”

Upon closer examination, that steady drop turns out to spell a mere one-percent fall from the same period last year.

And when some hard numbers are crunched, they clearly indicate that high numbers of Ohio residents continue to suffer from severe debt challenges that often lead to bankruptcy.

To wit: According to recently revealed data, about 104 Ohioans filed for bankruptcy on an “average” day during the first six months of 2016.

And that means every single day.

Still, the number is touted as a marked improvement from preceding years, and it is certainly to be welcomed, notwithstanding that a further significant drop in filings would truly indicate financial traction being collectively realized in a major way.

The above-cited media report also notes that tough times continue to be the status quo for many companies across the United States. One estimate of commercial bankruptcy filings indicates that they have increased by nearly 30 percent over the same period referenced above in this blog to measure recent personal bankruptcies in Ohio.

Of course, bankruptcy makes optimal sense for many individuals, families and businesses, being a long-tenured and well-recognized legal remedy to combat severe financial dislocation.

That is certainly noted in the comment made by a principal with the American Bankruptcy Institute regarding the immediately above data applicable to commercial filings.

“As economic challenges continue to weigh … more businesses are seeking the financial fresh start of bankruptcy,” he recently noted.


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