In counties and states across the country, bankruptcy filings are on the rise, according to a study of the figures from the US Bankruptcy Court. Some northeastern counties are seeing bankruptcy filing more than double from the same period last year.
The impact this has on county and state governments cannot be underestimated. The increase in bankruptcy filings could eventually have an impact on the ability of counties and local municipalities to collect property taxes, which would then have a degrading impact on their ability to provide services to the county residents, or to increase the cost of those services.