In this period of increased unemployment rates and home foreclosures, personal bankruptcy rates continue to increase. Last year, it has been reported, that personal bankruptcies increased by over thirty percentage points. As more and more Americans face the financial realities brought on by our current economic situation, it is expected that bankruptcy filings will continue to increase.
Total bankruptcy filings in 2009 climbed to almost one and half million. This is more bankruptcy filings than the United States has seen since Congress revamped the bankruptcy law system in 2005. Those changes were designed with the purpose of making filings more difficult. The 2009 numbers were twice as high as the filings made two years ago.
Chapter 7 bankruptcy filings were particularly high. As of November, these filings were reported to have increased by just under 50%. Under Chapter 7 filings, debtors can liquidate assets to pay a portion of debt while eliminating some of the debt as well.
Chapter 7 filings weren't the only bankruptcy filing types to experience an increase. Chapter 13 filings were also up. These filings climbed by around twelve percent. Chapter 13 filings also constitute a much smaller part of the total filings making up less than one-third of total filings made.
Bankruptcy filing increases varied from state to state. For example, Arizona saw huge filing increases while South Carolina saw a very small increase. This demonstrates the different effect of legislation and economic factors unique to the individual states.
With the national unemployment rate on the rise, and the continually falling housing market, many individuals who were financially solvent are now making bankruptcy a realistic consideration. While there is a lot of information available to families considering bankruptcy, there is really no substitution for talking with an experienced bankruptcy lawyer about what are the best options for the particular situation. There are unique considerations to be made depending on the particular financial situation of the individual.
More and more families are taking a hard look at their options when it comes to filing bankruptcy. For these individuals, it is important to get good information. Government websites are a good place to start. However, in order to properly explore one's options, it is usually best to discuss the situation with an experienced bankruptcy attorney. - 32519
Total bankruptcy filings in 2009 climbed to almost one and half million. This is more bankruptcy filings than the United States has seen since Congress revamped the bankruptcy law system in 2005. Those changes were designed with the purpose of making filings more difficult. The 2009 numbers were twice as high as the filings made two years ago.
Chapter 7 bankruptcy filings were particularly high. As of November, these filings were reported to have increased by just under 50%. Under Chapter 7 filings, debtors can liquidate assets to pay a portion of debt while eliminating some of the debt as well.
Chapter 7 filings weren't the only bankruptcy filing types to experience an increase. Chapter 13 filings were also up. These filings climbed by around twelve percent. Chapter 13 filings also constitute a much smaller part of the total filings making up less than one-third of total filings made.
Bankruptcy filing increases varied from state to state. For example, Arizona saw huge filing increases while South Carolina saw a very small increase. This demonstrates the different effect of legislation and economic factors unique to the individual states.
With the national unemployment rate on the rise, and the continually falling housing market, many individuals who were financially solvent are now making bankruptcy a realistic consideration. While there is a lot of information available to families considering bankruptcy, there is really no substitution for talking with an experienced bankruptcy lawyer about what are the best options for the particular situation. There are unique considerations to be made depending on the particular financial situation of the individual.
More and more families are taking a hard look at their options when it comes to filing bankruptcy. For these individuals, it is important to get good information. Government websites are a good place to start. However, in order to properly explore one's options, it is usually best to discuss the situation with an experienced bankruptcy attorney. - 32519
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If you are facing creditor harassment, wage garnishment, or foreclosure, finding out your choices needs to be your top priority. People often feel helpless If they find themselves in financial situations like these. Get a free bankruptcy consultation fromMassachusetts Bankruptcy Attorney Matthew Desrochers. Debt issues are not something to take lightly, but it is not as scary as you might think.
