Greenwood Bankruptcy Statistics Overview
Greenwood Indiana bankruptcy statistics can give a clearer picture of how bankruptcy affects a middle-America, average community like Greenwood. Greenwood faces the normal “crunch” of consumer credit problems that cause bankruptcy on a regular basis. Because Greenwood residents frequently share similar income and debt loads, the large population of similar households creates a consistent source of bankruptcy filings.
Greenwood Chapter 7 Bankruptcy Filings
Currently each year, Greenwood (and the close surrounding area) has approximately 300 Chapter 7 filings. The entire Johnson county bankruptcy count usually approaches 450 filings. Johnson county bankruptcy filings are nowhere close to the neighboring county, Marion, for Chapter 7 filings. There are approximately 3200 Chapter 7 bankruptcy filings in Marion County. Keep in mind, however, that all filings that occur above County Line Road are attributed to Marion County or Indianapolis.
Greenwood Chapter 13 Bankruptcy Filings
Greenwood has an abnormally high ratio of Chapter 13 to Chapter 7 filings. This is likely due to a higher-than-average median income line. It also is likely due to a high percentage of home ownership. Chapter 13 cases in Greenwood are driven many times driven by behind-on-mortgage situations. Other times, Greenwood residents simply due not qualify for the Chapter 7 debt release due to too much income.
Greenwood files an average of 160 Chapter 13 bankruptcy cases per year. Recently, the entire Johnson county bankruptcy area files approximately 230 Chapter 13 bankruptcy cases. This large amount of Chapter 13 cases in Johnson county is predicable, however, with Franklin being even higher on the above-the-median income line index.
If you desire to track ongoing Greenwood bankruptcy statistics in an easy-to-understand format, look at the United States Southern District case statistics. These statistics help track all bankruptcy filings in central and southern Indiana.
If you need a Greenwood Bankruptcy attorney for Chapter 7 or Chapter 13, contact Bymaster Bankruptcy Law Offices. We are located right on the corner of Emerson and Stop 11 Road in Greenwood. Book online or call us for a consultation today!