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The need for debt relief remains as bankruptcy filings are down

There are a number of options, including bankruptcy options, available for individuals struggling with debt to be aware of. Though bankruptcy filings in the western part of New York in particular have seen a decline, individuals seeking debt relief and considering filing for bankruptcy are not alone. The total bankruptcy filings for the western district of New York so far this year has been 4,155 filings.

In one western New York county, 1,815 bankruptcy cases have been filed so far this year. The county makes up nearly half of the bankruptcy filings for the local New York bankruptcy district it is in. In the 8 counties that comprise the bankruptcy district there were a total of 213 bankruptcy filings in November.

Though bankruptcy filings may be showing some decline, many individuals continue to suffer with the stress and struggle of overwhelming debt. The burden of debt can be tough to deal with which is why different bankruptcy options are available to allow individuals to enjoy debt relief and a fresh financial start. In addition to bankruptcy options, and depending on the circumstances, additional options such as settlement options may be available for individuals struggling with debt to consider.

It is important to be familiar with all the different options that may be available and to know how each will address the needs and goals of the party considering filing for bankruptcy. Having a thorough knowledge of the bankruptcy options, including Chapter 7 and Chapter 13 bankruptcy, and the bankruptcy process will help the individual considering filing for bankruptcy select the best option for their circumstances.

Source:, "Erie County continues to lead in bankruptcy filings," Allissa Kline, Dec. 2, 2015

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