Posted On: January 29, 2010

The Rise in Bankruptcy Filings

A Sacramento Bankruptcy attorney comments on the increase in bankruptcy filings in 2009

As compared to 2008, personal bankruptcy filings increased by 32% in 2009 according to statistics gathered by the National Bankruptcy Research Center. As the country’s financial situation continues to decline, many Americans are forced into bankruptcy due to unemployment and home foreclosure rates. Altogether bankruptcy filings hit 1.41 million in 2009, the highest number since 2005 when Congress modified bankruptcy laws to make it more difficult to file. As of November 2009, filings for Chapter 7 bankruptcy were up more than 42% with Chapter 13 filings up 12%. States showing the largest increase in filings since 2008 were Arizona, followed by Nevada, California, Wyoming and Utah. The states with the lowest increase included Nebraska, Pennsylvania, Alaska, Tennessee, and South Carolina.

The statistics further show that the overall proportion of bankruptcy petitions filed jointly has increased from 30% to 36% in 2009 as more families were forced to seek bankruptcy relief amid the country’s recession. The bad news is that the trend in increased bankruptcy filings is only expected to rise in 2010. Many previously solvent consumers have been left with no choice but file for bankruptcy in light of rising unemployment, high debt amounts and unsustainable mortgages. Industry experts find the situation grim and only expect it to get worse before it gets better.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

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