Latest Bankruptcy Statistics & Trends in the State of Maryland
As a bankruptcy lawyer in Maryland, we believe it’s our job not only to provide assistance to individuals when they’re in need, but also to help inform the public and prospective clients as to overall trends and other important news within the field. That’s why we’re taking a moment to go over some of the latest Maryland bankruptcy statistics and trends.
The good news for individuals and businesses alike in the state of Maryland is that bankruptcies are going down. Way down, to the lowest levels we’ve seen in quite some time, and this trend is only expected to increase throughout the entirety of 2014.
(All statistics obtained from the United States Bankruptcy Court District of Maryland)
Latest Maryland Bankruptcy Stats & Trends
- In 2013, there was a total of 21,687 bankruptcy cases in Maryland, including Chapters 7, 11 and 13.
- The 2013 total is down from 23,083 in 2013, a total of 1,396 fewer cases, which represents a 6% fewer bankruptcies cases throughout the year.
- Total Maryland bankruptcy cases have decreased annually since 2010, when there were 29,281 bankruptcies filed.
- Overall, that represents a 26% decline in just several years, and is the lowest mark since 2008.
Clearly, fortunes are being to change across the state of Maryland, and more families and small business owners alike have been able to stay afloat, which is always excellent. Of course, that doesn’t mean that everyone is out of trouble yet, or that there will ever be a perfect environment out there.
One sign of that is that Maryland still has one of the highest foreclosure rates in the country, at 1 of every 543 homes as of January 2014 according to RealtyTrac. As we’ve previously explained, this is partially due to the lengthy judicial process which the state of Maryland has followed for foreclosures over the course of the housing crisis.
It’s important to note that there are often alternative solutions beyond bankruptcy and foreclosure. But with these matters it always depends on the specific circumstances surrounding each person.
If you believe you’re in need of legal assistance and would like to discuss your options, please call our office at 240.395.1418, and we’ll provide you with a free consultation and discuss how we may be able to help as your bankruptcy lawyer in Maryland.
The information and materials on this blog are provided for general informational purposes only and are not intended to be legal advice. Read our full disclosure here.