Bankruptcy Lawyers in Crestview, FL Respond to 2019 Bankruptcy Statistics

Crestview, Fla.- Martin Lewis and Steve Jurnovoy, bankruptcy lawyers in Crestview, Florida, are sharing an important article about bankruptcy trends in America in 2019. The two bankruptcy lawyers are partners, operating the local Lewis and Jurnovoy law firm.

The law firm has been helping those in the Panhandle area since 1998. Lewis and Jurnovoy share “due to the financial turmoil that many individuals seem to be going through in their daily life in trying to pay bills each month and in trying to protect their assets, this law firm envisioned the need to represent and inform the general public of options available to persons in financial distress.”

According to Lyle Daly, writer for The Ascent, the number of bankruptcy filings in 2019 is less than the year before and is expected to continue decreasing. The trend of decreasing bankruptcy filings has continued since 2010.

Bankruptcy attorneys in Crestview, Lewis and Jurnovoy, attribute much of the decline to the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005. The Act, also known as BAPCPA, was passed to protect the bankruptcy system from being abused by illegitimate claims or fraudulent practices.

According to Daly’s article, the most common causes of bankruptcy are overextending credit, job loss, unexpected expenses, and divorce. Lewis and Jurnovoy experience the same causes of bankruptcy in the clients they work with.

Another interesting fact the article found was that the Southern States have higher frequencies of bankruptcy filings than other areas of the United States. Daly found that the cause of more bankruptcy filings in the South is most likely due to seasonal work, which is more common in the south than in other areas. Seasonal work usually coincides with fluctuating income, which makes personal finances difficult to manage.

For more information about Lewis and Jurnovoy, call them today at (850) 409-3350 or visit their site at https://lewisandjurnovoy.com/.