In recent times, personal bankruptcy filings have been more common in Ohio than in many other parts of America, a recent report indicates.
The report, from NerdWallet, reviewed personal bankruptcy filings made during the period between April 1, 2015 and March 31, 2016 to rank states and counties based on personal bankruptcy filing rate. For counties, the rankings were limited to counties of 100,000 or more people. So, the report considered 587 counties in total.
The report found Ohio’s rate to be 322 personal bankruptcy filings for every 100,000 individuals. This made it 10th among states for personal bankruptcy rate.
Toledo’s county, Lucas County, had a personal bankruptcy rate even higher than Ohio’s. Specifically, its rate was 378 filings per 100,000 individuals. This was the 6th highest rate among Ohio counties with a qualifying population and the 104th highest among the U.S. counties the report looked at. Lucas County was one of 12 Ohio counties to be in the top fourth for bankruptcy rate among all U.S. counties considered in the report.
As a point of comparison, the median personal bankruptcy rate the report found when it came to all U.S. counties it ranked was 224 personal bankruptcy filings for every 100,000 people.
So, the report points to both Ohio and Lucas County being relatively on the high side when it comes to personal bankruptcies.
Why are personal bankruptcies more common in some areas than others? Well, areas can vary significantly from one another in a variety of different economic factors, including job levels, income levels, growth levels, average credit scores and the economic opportunities available for residents. These factors can contribute to how likely residents of an area might be to face financial struggles that could lead to them going to personal bankruptcy as an option.
As every area has its own unique economic situation, every person dealing with money and debt troubles has their own unique financial circumstances. They also have their own individual goals regarding the resolution of the struggles. Experienced bankruptcy attorneys can explain to individuals experiencing financial troubles what bankruptcy can and cannot do, and can give them an assessment based on their personal circumstances and goals on whether bankruptcy would likely be a good fit for them as a option for trying to resolve their financial difficulties.
Source: cleveland.com, “Ohio ranks near top in U.S. for bankruptcy filings: NerdWallet,” Olivera Perkins, Aug. 11, 2016