San Jose Bankruptcy Attorney Discusses Bankruptcy Statistics and the Economy
San Jose Bankruptcy Attorney Discusses Bankruptcy Statistics and the Economy
The current state of the economy has caused many people to turn to bankruptcies to rid themselves of debt. In March 2009 alone there have been 131,000 bankruptcies of all types filed in Bankruptcy Court. This number represents the most bankruptcies filed for any month since 2005. With every passing month, it seems that more and more people are filing. There has been a 9.2% in increase in March 2009 from February 2009. Since March last year bankruptcies rose 38% and have risen 79% from 2007. It is projected that 1.5-1.6 million people will file bankruptcy in 2009 which would exceed 2008 by 45%. The high percentage of bankruptcies comes off the heels of March's unemployment rate climbing to its highest since 1983 with 663,000 people losing their jobs. The unemployment rate is now 8.5%. Almost 1.1 million people filed for bankruptcy in 2008, 32 percent more than the 827,000 filed in 2007 and 86 percent higher than the 590,500 filings in 2006. So far this year, bankruptcy filings total 323,500.
However 2005 still holds the record for most filings from the 630,000 Americans sought bankruptcy protection in the two weeks before revisions to federal bankruptcy laws in October made it more difficult for individuals to erase debts. At this rate, more and more people who find themselves unemployed will seek the cover of bankruptcy in order to wipe out their debts and let go of their homes.
If you have a question regarding Bankruptcy please contact Sagaria Law at 1-800-941-6730 for a free consultation or visit us at www.sagarialaw.com. Our team of Bankruptcy Lawyers can assist you with all aspects of your case. If you are have questions about filing a chapter 7 bankruptcy, a chapter 13 bankruptcy, lien stripping, discharging debt, etc. we can help! We have bankruptcy attorneys in San Mateo, Fremont, Sacramento, Roseville, San Francisco, Salinas and San Jose.
