Statistics show that there is no debate that personal bankruptcy filings saw a serious decline in 2011. What is up for debate, however, is whether the trend will continue into the New Year. In 2011 there was an 11 percent decrease in personal bankruptcy filings. Those individuals that did file were more likely to qualify for Chapter 7 or Chapter 13 bankruptcy protection. That represented a decrease from nearly 1.5 million filings in 2010.

This is the lowest that personal bankruptcy filings have been since 2006 when the economy turned poor. Some states have been hit harder than others by the poor economy. States like California have seen high bankruptcy rates, with areas like Riverside and San Bernardino counties being amongst the worst in the nation. Right now, Nevada leads the country with highest bankruptcy filings. One out of every 88 residents has filed for bankruptcy in the state, a figure that is simply astounding and is twice the national average.

If you are living in Texas and considering bankruptcy, you may wish to speak with a South Texas bankruptcy lawyer about your options. By pursuing bankruptcy, such as Chapter 13, you may be allowed to keep your assets while repaying your creditors the debt that you owe. To learn more about how bankruptcy may help you, contact the Malaise Law Firm and speak with an attorney from our team today.