Chapter 7 Bankruptcy Law Firm in Pensacola, FL Responds to Recent National Statistics

Pensacola, Fla. – Lewis and Jurnovoy, a Chapter 7 Bankruptcy law firm in Pensacola, FL has recently responded to an article about personal bankruptcy statistics in America in 2019. Attorneys Martin Lewis and Steve Jurnovoy have both been bankruptcy attorneys for several years and are intrigued to see the shifts in bankruptcy trends over the years.

The article first mentioned that since 2010, personal bankruptcy filings have been steadily decreasing. The decreasing bankruptcy filings are due to the overall economic growth the country has experienced since the Great Recession. The Great Recession was felt by Lewis and Jurnovoy and many other bankruptcy lawyers as millions of Americans lost everything during that time.

The bankruptcy attorneys in Pensacola also found that the article stated that Southern states have more bankruptcy filings than other regions of the country. The reason for this trend, according to the article, is most likely due to the seasonal work and the uneven income that causes.

The bankruptcy attorneys agree that the primary cause of bankruptcy is the lack of sufficient wages, which would be caused by seasonal work.

The article later attributed a large portion of the decline in bankruptcy filings to the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005. The Bankruptcy Abuse Prevention and Consumer Protection Act, also known as BACPA, was passed to prevent bankruptcy filings that were illegitimate or unnecessary.

Lewis and Jurnovoy agree that bankruptcy, especially Chapter 7 Bankruptcy, should be reserved for those in severe financial distress and used as a last resort.

“A decision to file for bankruptcy should be made only after determining that bankruptcy is the best way to deal with your financial problems,” advise Lewis and Jurnovoy.

For more information about bankruptcy, contact Lewis and Jurnovoy today by phone at (850) 432-9110 or visit their website for more info: https://lewisandjurnovoy.com/.