The number of bankruptcies filed by individuals increased greatly last year. Some experts report that personal personal bankruptcy filings increased by as much as thirty-two percent last year. Many Americans are facing financial hardship brought on by the increase in unemployment and foreclosures.
Last year saw bankruptcy filings climb over the one point four million mark. This is more filings in a year than has been seen since 2005. That was the year that the United States Congress overhauled the bankruptcy law system in an effort to decrease filings. This is also over twice as many filings as the country saw in 2007.
Bankruptcies filed on Chapter 7 provisions, allowing liquidation to pay debt and eliminate other debt, increased by almost half in the month of November.
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.
Nevada and California each saw some of the highest increases in filings. However, no state surpassed Arizona which saw increases in filings of about 80%. While those states saw large filing increases, states like Pennsylvania and Tennessee saw much more limited increases with filings ranging between ten and fifteen percent.
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.
If you are facing creditor harassment, wage garnishment, or foreclosure, finding out your choices needs to be your first priority. People often feel helpless If they find themselves in financial situations like these. Get a free bankruptcy consultation fromBankruptcy Lawyer MA Matt Desrochers. Debt issues are not something to take lightly, but it is not as scary as you might think.
categories: bankruptcy lawyer ma,massachusetts bankruptcy lawyer,bankruptcy attorney ma,bankruptcy,chapter 7,debt issues,bankrutpcy,law,politics
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