Recent Report Shows Indiana Ranks High for Bankruptcies

Although there are many signs that the country’s economy continues to grow and improve, there are still other signs that indicate there are many people who continue to be in financial troubled waters. Foreclosures and bankruptcies are still occurring around the country and in some locations, like Indiana, the bankruptcy rate is much higher than in other states. No matter where you live, though, if you are considering bankruptcy as an option then you should speak with an experienced bankruptcy attorney for help.

It seems that people who live in Indiana are more prone to financial troubles than people in many other states, especially when it comes to filing for bankruptcy. According to a recent report from Credit.com, the Hoosier state ranks sixth among all states for highest bankruptcy rates in America. Indiana has a 4.36 per 1,000-bankruptcy rate. Illinois was ranked fourth and Tennessee topped the list. According to one economist the states with the highest bankruptcy rates could be feeling the effects of the down economy. While more people are finding employment in many cases, they are not making as much money as they were in their previous positions. Thus they have less income to pay all their bills.

While the reasons vary for filing for bankruptcy, in many cases people get into credit card debt in order to pay their bills and they can’t get out from under that debt. In fact, credit card debt is one of the leading causes of bankruptcy. According to National Debt Relief, people who call Indiana home carry an average of $4,577 in credit card debt alone. One of the keys to getting out of credit card debt is to only buy items you can afford and to stop using your credit cards for new purchases. It’s also important to save as much money as you can when you get out of debt. Indiana has a hard time with saving as well, apparently, as WalletHub ranks the Hoosier state in last place when it comes to having money set aside in rainy day funds.

It appears that many people in Indiana are in a position where they could be thinking about the possibility of bankruptcy. If you are one of the people in this situation then you should speak with an experienced bankruptcy attorney in Merrillville as soon as you can. Don’t wait for the problems to get worse. Contact the Whitten & Whitten at 219-756-0555 or click here to reach us online. We will help you manage the bankruptcy process successfully.