Indiana 5th in Bankruptcy Filings

            I don't think that top of the bankruptcy filings was a ranking that Mitch Daniels or any citizen of the State of Indiana was striving to achieve.  However, according to an article written by creditcards.com, Indiana had the 5th highest number of bankruptcy filings in 2010.  Indiana was only topped by Nevada, Georgia, Tennessee and Alabama.

           According to the article, Indiana had 7.1 bankruptcy filings per 1,000 residents in 2010.  As a bankruptcy attorney, I was not surprised to see that the number of bankruptcy filings in Indiana was 7.1 per 1,000 residents.  However, I was surprised to see how much higher Indiana ranked than some other states that I would have thought were suffering from much worse economic climates than Indiana.  For example, Indiana ranked higher than Michigan in bankruptcy filings per residents in 2010.  We all know how Michigan has been affected by the decline in the auto market, so I was surprised that Indiana surpassed Michigan.  In addition, I was shocked that West Virginia filings were 3.3 per 1,000 residents.  Indiana files double the bankruptcy petitions per 1,000 people than West Virginia!  I am no expert on West Virginia, but I always thought it was a fairly poor state with little industry outside of coal mining.  Clearly I must be missing something.  If you were wondering Alaska came in "last" with only 1.6 bankruptcy filings per 1,000 residents in 2010.

         The article also went on to predict more bankruptcy filings in 2011 than there had been in 2010.  Unfortunately, I am not surprised by this prediction.  With the current economic conditions, employers cutting hours and/or not awarding pay raises and the skyrocketing price of gas many Hoosiers are just trying to stay afloat.  Those who are considering bankruptcy are not alone and while everyone should do their best to avoid bankruptcy, it is not something that you have to face alone.

However, when the collection calls and lawsuits start coming it is probably time to speak with a bankruptcy attorney.  It may not be appropriate for you to file bankruptcy, but at least an attorney can give you the information to make an informed decision about whether bankruptcy can help you.  As this study shows, those falling behind financially in Indiana are not alone and there is rarely a financial situation beyond hope.

        One of the most enjoyable parts of being a bankruptcy attorney is meeting with those in debt in central Indiana and helping them come up with a plan of attach.  That plan may or may not include bankruptcy.  However, I believe that when most people leave Halcomb Singler, LLP, they feel more confident than when they arrived with a plan of attack to take care of their debts once and for all.  If you are getting behind on your bills, have been served with a summons from a creditor or are afraid you won't be able to make that next house payment I can meet with you to come up with a plan.  There is no fee to meet with me, so if you are in Carmel, Westfield, Noblesville, Fishers, Indianapolis, Lebanon or anywhere else in Marion, Hamilton, Tipton, Boone, Madison, or Howard counties either click here or call me for an appointment at 317-575-8222.

Halcomb Singler, LLP, is a debt relief agency.  It helps people file for bankruptcy under the bankruptcy code.  No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so.  The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.