San Diego Bankruptcy Attorney comments on the dramatic rise in bankruptcy filings in Southern California.
San Diego Bankruptcy Attorney comments on the dramatic rise in bankruptcy filings in Southern California.
The prosperous Southern California region has not escaped the wrath of the recession that began in 2007. Recent data from California’s Southern District Bankruptcy Court, which covers San Diego and Imperial counties shows that bankruptcies were up 63 percent for the year ending July 31 over the previous year’s totals.
The types of bankruptcies are different than those filed for in years past. In the past most of the bankruptcy filings were from people with large credit card debt, medical bills or single mothers who were not receiving spousal or child support. The current filers are often individuals who own multiple homes and have seen their property values drop dramatically. The combination of declining incomes and falling property values has left many individuals “upside down” where they owe more than they have or can repay.
The loss of property values has complicated the bankruptcy process for many filers. With real estate values below the loan amounts, the properties cannot be easily sold to pay off the debts. This leaves many filers in the situation of not having a clearly-defined path at the outset of the bankruptcy filing process. Their bankruptcy attorneys have to do a careful analysis of their situation to determine whether a Chapter 7, Chapter 11 or Chapter 13 bankruptcy best fits their situation.
If you have a question regarding Bankruptcy please contact us at 1-800-941-6730 or visit www.bkanswers.com and we can connect you with one of our experienced Bankruptcy Attorneys. After you have spoken with one of our bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. 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 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, a stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
