The American Bankruptcy Institute has released data showing bankruptcy filings are nearing record levels.
In 2005, Congress and President Bush overhauled the bankruptcy laws in to favor creditors and make it tougher for consumer to file. Bankruptcy filings topped off at around 2 million consumer filings that year. The bankruptcy law change created a large spike in filings prior to the law taking effect. After the law passed, filings sharply dropped for the next several quarters. Annual bankruptcy filings haven't surpassed 1 million again until last year.
Unemployment continues to rise and we all wonder when things will taper off. The housing market, especially in hard-hit areas such as Phoenix and Las Vegas, continue to fall. The rising level of bankruptcy filings show that people are less hesitant to use the bankruptcy laws to their advantage. Consumers are using the poor economic outlook as an opportunity to get a fresh start before the economy and housing market recovers.
The Dault Law team continues to help individuals and small businesses in Phoenix get back on the path to financial freedom using the bankruptcy code.
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Filing bankruptcy is commonly a complicated issue. Where really should one begin? What forms of bankruptcy must a individual apply for? How the current bankruptcy rules impact an individual's case? What will probably be the consequences of a bankruptcy filing? You only have one chance, hence it's basically vital that you've it best at the primary try. This really is why picking out the proper
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Thanks for the information..I'm in Alaska and am going to be filing for chapter 7 bankruptcy soon. Obviously, I'm filing for a reason and I don't have much money for a lawyer. So, I'm just wondering about how much I'd be spending for a lawyer to take care of it, or if I should just learn & do it without one. Thanks for the help!
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We are now about to enter 2011, and wish that the statistics would show a decreasing rate of bankruptcies in America.
ReplyDeleteFred from Debt Settlement Lawyers
Hi Fred, I am a bankruptcy attorney in Phoenix and have noticed that the rate of filings is in fact decreasing. In fact, I am pretty sure that findlaw recently discovered this in some sort of survey. Good news, if you ask me.
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