Although Louisville residents probably recognize that the economy across the country has been improving steadily over the last several years, the reality is that the residents of this state still struggle financially when compared to those of other states, at least if one trust recent statistics regarding bankruptcy filings.
In fact, Kentucky ranks among the top 10 states with respect to the number of bankruptcy filings per 100,000 people living in the state. For every 100,000 residents, about 345 of them file for bankruptcy, although it should be noted that these numbers could include married couples who are filing a joint petition.
The state with the highest number of filings recorded almost 550 per 100,000 residents, which means that Kentucky is certainly not in some sort of bankruptcy crises. Still, given that many states boast of having around 100 filings per 100,000 residents, are even fewer than that, there is room for some improvement in this state.
One thing to bear in mind, however, is that while no one wants to file personal bankruptcy, this doesn’t mean that it is a person’s fault if they wind up in financial trouble and need to resort to the bankruptcy system for debt relief. People in Kentucky may simply recognize the benefits of filing bankruptcy when they are in financial trouble, as it is quite easy for a person to get behind in credit card debt, medical bills and the like, particularly in the face of a job loss or other emergency.
While bankruptcy is not for everyone, a Louisville resident who is in financial trouble should not hesitate to speak with an experienced attorney about this option.