Local Attorneys Discuss Bankruptcy Filings Increase

Crestview, FL — Martin Lewis and Steven Jurnovoy, bankruptcy attorneys in Crestview, are devoted to assisting individuals in difficult financial situations get through the bankruptcy procedure quickly and painlessly. In order to work more efficiently, as well as to notify their community as promptly as possible with important news, Lewis and Jurnovoy monitor the evolution of major bankruptcy changes and patterns in the United States. Since the start of 2022, bankruptcy filings in the United States have increased, though they remain lower than in 2021.

After growing slightly from January to February, bankruptcy filings increased dramatically from February to March, according to the legal research firm, Epiq. During the same period, consumer filings increased by 34% and commercial filings by 26%. Despite this large month-to-month increase, bankruptcy filings have decreased from last year's figures. When compared to the first quarter of 2021, the first quarter of 2022 actually showed a 17% decrease in new filings.

Another component of the increase in filings last month could be that organizations and individuals have been forced to apply for debt relief once certain COVID assistance government aid programs ended. From another perspective, the American Bankruptcy Institute's executive director Amy Quackenboss recently remarked: “Amid rising interest rates, growing inflation concerns, worker shortages and supply chain challenges, access to bankruptcy is imperative for struggling consumers and businesses.”

Lewis and Jurnovoy have been providing debt relief and bankruptcy assistance in Crestview and the rest of the Florida panhandle since 1998 and are dedicated to keeping their community informed. If you are considering filing for bankruptcy or have bankruptcy-related inquiries, the trusted attorneys offer free consultations to help determine the best option for each client. For more information about debt relief or bankruptcy cases, give Lewis and Jurnovoy a call at (850) 409-3350 or visit them online at lewisandjurnovoy.com.