Personal bankruptcies are down this year across the state of Ohio. Many experts, however, say that the decline in Ohio bankruptcy cases does not necessarily meant that many Ohio residents are not suffering from financial distress. Some experts suggest that many Ohio residents are relying on credit card debt to make ends meet.
Federal officials keep releasing numbers showing the nation's economy remains sluggish. Consumer spending fell slightly in June and unemployment remains high. The Labor Department says overall unemployment sits at 9.2 percent with the broader numbers, which include underemployed workers, is at 16.2 percent.
Many media outlets continue to report that the economy is heading toward recovery. Continued unemployment, decreased home values, high consumer debts loads and the foreclosure crisis also seem to make headlines. In 2010, individuals across Ohio and nationwide continued to seek a fresh start in chapter 7 bankruptcy and chapter 13 bankruptcy relief.