According to data collection by the federal government, personal and business bankruptcy filings rose 11.5 percent in the twelve-month period ending June 30, 2025, compared with the previous year. Furthermore, even upper income Americans are starting to default on credit card debt and car loans in alarming numbers.

A number of problems contributed to this trend. Interest rates remain high, tariffs cause inflation, and personal incomes are unable to keep up. As more and more families turn towards credit cards and personal loans to bridge the gap, this budget shortfall eventually becomes an insurmountable obligation that can lead to bankruptcy.

If you are suffering from large credit card debts, personal loans, overdue car payments, or mortgage concerns, we can help. Both Chapter 7 and Chapter 13 can eliminate debt and solve financial problems. Schedule a free and confidential consultation with one of our experienced attorneys to see what options may be available.