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.
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.
Americans that were recently financially sound are now turning to bankruptcy as a legitimate option. This is mainly a result of the continued job losses and housing marketing free fall. People that previously would not have considered bankruptcy are now taking a hard look at whether or not it is the right option for them.
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. - 31380
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.
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.
Americans that were recently financially sound are now turning to bankruptcy as a legitimate option. This is mainly a result of the continued job losses and housing marketing free fall. People that previously would not have considered bankruptcy are now taking a hard look at whether or not it is the right option for them.
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. - 31380
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When you are facing creditor harassment, wage garnishment, or foreclosure, learning your options needs to be your first priority. People often feel helpless when they find themselves in financial situations like these. Get a free bankruptcy consultation fromMassachusetts Bankruptcy Lawyer Matthew Desrochers. Debt issues are not something to take lightly, but it is not as scary as you might think.
