Panama City Debt Consolidation Lawyer Highlights Recent Trends in Personal Bankruptcy Filings

Panama City, Fla. – Lewis & Jurnovoy, P.A., a Panama City debt consolidation lawyer, is looking at recent trends in personal bankruptcy across the United States. The American Bankruptcy Institute has announced a study that showed the number of cases of families declaring personal bankruptcy has dropped 24% during the first six months of 2020, as compared to the number of cases filed during the same months of 2019. Many find this drop surprising as the effects of the coronavirus (COVID-19) pandemic continue to impact the United States.

While this statistic may be unexpected, Lewis & Jurnovoy have predicted that this number will dramatically increase in the fall. With current conditions as they are due to the coronavirus outbreak, many people are finding relief to combat the loss of wages. Evictions and foreclosures have been postponed, creditors are holding off on collections and additional government aid has been given to support those that have experienced hardships during this time. Many courts are either shut down or only taking on certain cases to prevent the spread of the virus. However, as businesses begin to open back up and assistance stops, many without jobs could be forced to file for bankruptcy. Experts predict the increase in bankruptcy rate will happen quickly, as people are beginning to plan for their situation.

Staying up to date with bankruptcy trends for both personal and business clients is a high priority for the local bankruptcy law firm in Panama City. Since 1998, they have served their community with honesty and integrity and feel it is important to be knowledgeable about trends and factors that could affect those in financial distress. For more information about filing for personal bankruptcy, or to schedule a free consultation, contact the offices of Lewis & Jurnovoy, P.A. at (850) 432-9110 or visit their website www.lewisandjurnovoy.com.