{"id":301,"date":"2015-04-10T11:36:22","date_gmt":"2015-04-10T16:36:22","guid":{"rendered":"http:\/\/www.mankatobankruptcy.com\/blog\/?p=301"},"modified":"2015-04-15T11:43:24","modified_gmt":"2015-04-15T16:43:24","slug":"bankruptcy-tax-season","status":"publish","type":"post","link":"https:\/\/www.mankatobankruptcy.com\/blog\/bankruptcy-tax-season\/","title":{"rendered":"Bankruptcy During Tax Season"},"content":{"rendered":"

While bankruptcies occur year round, timing is everything. Once you have determined you need to file for bankruptcy<\/a>, consult with local attorneys, especially those whose practice focuses exclusively on bankruptcy. Factors such as assets, upcoming life changes (like marital status), and pending judgments you might have affect when you should file.<\/p>\n

As you can see in the table below, people tend to file for bankruptcy predominantly around tax season. These statistics represent the 2014 bankruptcy filings according to the <\/span>U. S. Courts<\/a>:<\/span><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Month in 2014<\/td>\nU.S. Total Filings<\/td>\nBusiness Filings<\/td>\nNon-Business Filings<\/td>\n<\/tr>\n
January<\/td>\n\n

70,491<\/p>\n<\/td>\n

\n

2,233<\/p>\n<\/td>\n

\n

68,258<\/p>\n<\/td>\n<\/tr>\n

February<\/td>\n\n

74,508<\/p>\n<\/td>\n

\n

2,228<\/p>\n<\/td>\n

\n

72,208<\/p>\n<\/td>\n<\/tr>\n

March<\/td>\n\n

70,491<\/p>\n<\/td>\n

\n

2,233<\/p>\n<\/td>\n

\n

68,258<\/p>\n<\/td>\n<\/tr>\n

April<\/td>\n\n

90,670<\/p>\n<\/td>\n

\n

2,563<\/p>\n<\/td>\n

\n

88,107<\/p>\n<\/td>\n<\/tr>\n

May<\/td>\n\n

87,966<\/p>\n<\/td>\n

\n

2,467<\/p>\n<\/td>\n

\n

85,499<\/p>\n<\/td>\n<\/tr>\n

June<\/td>\n\n

76,223<\/p>\n<\/td>\n

\n

2,253<\/p>\n<\/td>\n

\n

73,970<\/p>\n<\/td>\n<\/tr>\n

July<\/td>\n\n

79,239<\/p>\n<\/td>\n

\n

2,218<\/p>\n<\/td>\n

\n

77,021<\/p>\n<\/td>\n<\/tr>\n

August<\/td>\n\n

77,190<\/p>\n<\/td>\n

\n

2,098<\/p>\n<\/td>\n

\n

75,092<\/p>\n<\/td>\n<\/tr>\n

September<\/td>\n\n

75,312<\/p>\n<\/td>\n

\n

2,039<\/p>\n<\/td>\n

\n

73,273<\/p>\n<\/td>\n<\/tr>\n

October<\/td>\n\n

81,179<\/p>\n<\/td>\n

\n

2,295<\/p>\n<\/td>\n

\n

78,884<\/p>\n<\/td>\n<\/tr>\n

November<\/td>\n\n

64,250<\/p>\n<\/td>\n

\n

1,830<\/p>\n<\/td>\n

\n

62,420<\/p>\n<\/td>\n<\/tr>\n

December<\/td>\n\n

65,161<\/p>\n<\/td>\n

\n

2,094<\/p>\n<\/td>\n

\n

63,067<\/p>\n<\/td>\n<\/tr>\n

Total<\/td>\n\n

936,795<\/p>\n<\/td>\n

\n

26,983<\/p>\n<\/td>\n

\n

909,812<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The highest number of total bankruptcy filings in the U. S. for 2014 was in April. In fact, according to Bob Lawless<\/a>, bankruptcy filings consistently top out in the beginning part of the calendar year. Typically, January and February tend to accumulate at least 15% of the total filings, as is the case here.<\/p>\n

Although the reasons could be numerous, let’s take a look at a few possibilities for why the beginning of the year and, in particular, the tax season may garner so much attention:<\/p>\n