A new report shows that Texas bankruptcy filings are dropping. Compared to 2010, the filing numbers for 2011 decreased by 10.8 percent. The decline is viewed as a positive indicator that financial times could soon be changing.
Making A Comeback?
There is no question that the economy, both local and national, have been quite tough over the last few years. Although not the worst economic crisis in history, it seems as though this recession has brought some new players to the table. The foreclosure crisis and mortgage debt scams have left many of us with a bad taste in our mouths. Trouble with the employment rate and the ever increasing student loan debt problems have also become frontrunners in trending topics.
Without looking back at the past, the reports of a national and state-wide decrease in bankruptcy filings is no doubt good news to residents. Many Texas businesses have managed very well over the last year to stave off any chance at bankruptcy, and small businesses are flourishing more than they have in the last five years. In general, Texas has been lucky enough to dodge some of the more severe bullets of the recession, a fact proudly displayed by the current strength of its economy. The jury is still out on predictions for filings in 2012, but optimism is making a comeback.