While Texas continues to show considerable economic strength, there is some suggestion that financial trouble may be affecting more Texas households now than this time last year.
Statistics analyzed by the American Bankruptcy Institute showed that year-to-date, just over 31,900 new petitions have been filed in the federal bankruptcy courts here in Texas, without about half being Chapter 7 bankruptcies and about half being filed under Chapter 13.
The increase in the number of filings over this time last year is slight, only 4%. However, this 4% uptick in the number of filings between this year and last year is enough to rank Texas among the top ten states, at least with respect to this specific number.
November 2019 was an especially rough month for Teas, as the 4% increase between November and October 2019 ranked as the second highest change in the number of bankruptcies among all the states.
It is hard to know exactly what is causing more people in this state to be filing bankruptcy during the recent months. Sometimes, changes in the number of new bankruptcy filings in a given state just fluctuate as a matter of routine.
However, it is quite possible that the numbers show that more people both in Tyler and other Texas communities may be struggling to pay their bills, whether due to job losses, medical bills or other reasons.
This may be an opportune time to remind those in the Tyler area that if they are facing what seem like insurmountable financial problems, they may want to explore whether filing for bankruptcy is a good option for them.