Fewer people filed for bankruptcy in the Piedmont Triad in 2014 than any year in the past decade. Analysts are split as to what this means for the local economy.
Records at the U.S. Bankruptcy Court for the Middle District of North Carolina in Greensboro show that 3,912 people filed in the 24-county region, which runs roughly from Yadkin County to Durham County.
The News and Record of Greensboro reports that bankruptcies peaked in the district in 2009 with nearly 6,800 filings. They've declined steadily since then, mirroring a national trend.
Economists disagree about what this means for the Triad. Some see several positive changes: unemployed people are going back to work and paying their credit card debt faster.
Others warn against reading too much into the number about the local economy. A bankruptcy can cost as much as $3,000, which many people might not be able to afford. And fewer bankruptcies could mean fewer people qualify for credit, something that's common during economic downturns.
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