In 2022, Idaho bankruptcy rates dropped significantly, but experts expect a significant increase in filings over the next year or two. Record inflation, rising rents, and corporate layoffs may all impact the number of bankruptcy filings in the near future. If you are considering filing for bankruptcy in Idaho, it is strongly recommended that you speak to an attorney.
At Jacques Law, we provide experienced representation for people who file for bankruptcy in Idaho. Bankruptcy can be a difficult choice, but it can also provide financial freedom if you are overwhelmed by debt or unable to meet your obligations. Are you considering filing for bankruptcy in Idaho? Contact our office to book your free, no-obligation consultation.
According to the Idaho Capital Sun, bankruptcy rates in Idaho dropped significantly between 2021 and 2022. In 2022, there were only 559 bankruptcy filings in the U.S. Court for Idaho. The previous year, the state saw 2,001 filings. It is unclear what caused the reduction in filings, but experts believe that it may have to do with low unemployment rates, increased property values, and federal assistance programs.
Annual bankruptcy rates in Idaho:
Bankruptcy filings hit a record high in 2011 when there were over 8,200 filings. While the filings remained steady for several years, they dropped during the pandemic. The latest decline, however, is likely temporary.
Speaking with the Idaho Capital Sun, a clerk of the U.S. District and Bankruptcy Courts for the District of Idaho noted that there will be approximately 1,440 bankruptcy filings this year if the trends continue. While still well below the 2011 high of 8,238, the projections for 2023 are double the 2022 filings.
As mortgage rates stay high and inflation continues, more bankruptcy filings are expected. Many of the pandemic-related programs that helped to keep people and businesses afloat are coming to an end. The expiration of these programs may make it difficult for people to pay their financial obligations, including credit cards and student loans.
If you are struggling with unpaid credit card bills and other debts or are facing foreclosure, there may be options available. There are countless reasons people file for bankruptcy. It can stop creditors and give you a fresh start.
If you are thinking of filing for bankruptcy in Idaho, contact our office to schedule a free consultation. Our lawyers can help you understand your rights when it comes to filing for bankruptcy.
We will help you determine whether bankruptcy is the right fit based on your individual circumstances. Get the legal help you need now. Find out what we can do for you and your family. You have choices about your financial future.
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