Greensboro Bankruptcy Lawyers Still See Slumping Economy Despite Better Numbers

Although national bankruptcy filings increased 9% in 2010, North Carolina bankruptcy filings were more varied – filings increased in some parts of the state while they decreased in others.

In the Middle District of North Carolina, there was a decrease of approximately 4.6% – there were 7,170 filings in 2010, compared to the 7,521 filings in 2009. The Middle District of North Carolina includes Winston-Salem, Greensboro, and Durham (and areas in between).

Within the Middle District of North Carolina, cases for bankruptcy in Greensboro, NC were down 4.9%. In 2010, there were 2,389 cases, compared to 2,513 in 2009.

Cases for bankruptcy in Winston-Salem, NC (also in the Middle District) were down 8.6% in 2010, with 2,430 cases filed compared to 2,660 in 2009.

On the other hand, in the Western District of North Carolina, there was an increase in bankruptcy filings of approximately 2.5% in 2010. The Western District of North Carolina includes Asheville, Bryson City, Charlotte, Shelby, and Wilkesboro (and areas in between).

While it is surprising that there is such a difference in the bankruptcy filing trends between two areas that are so geographically close, there are likely reasons for the difference. For example, the job market may be slightly improving in the Middle District while there may be no improvement in the Western District. Additionally, the housing market trends may be more positive in the Middle District areas while there may be ongoing housing difficulties in the Western District cities and towns.

If you are in the Greensboro, Winston-Salem, or High Point areas and are considering filing bankruptcy, contact Duncan Law for a free, no strings attached consultation to learn more.