Personal bankruptcies are on the rise. When does it make sense to file?
CBSN
No one wants to file for bankruptcy, but if you're heading in that direction, delaying the inevitable may only make things worse.
Bankruptcies are still significantly below pre-pandemic levels, but have gone up relative to last year. Personal bankruptcies were up 16% in October from a year ago, as more Americans are seeking debt relief. But those struggling to stay financially afloat should consider the option sooner rather than later, advise experts who study when and why people file.
"When a consumer feels financial pressure, the last thing on their mind is seeking bankruptcy protection," said Michael Hunter, vice president, business development, at Epiq Aacer, a provider of bankruptcy information and partner to the American Bankruptcy Institute, or ABI. Most people don't file until 18 to 24 months after they've incurred financial hardship, Hunter said.
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