Chapter 7 Bankrutpcy Filings are Common
A San Jose Bankruptcy Attorney discusses the Increase in Chapter 7 Filings
Generally speaking, from a San Jose Bankruptcy Attorney perspective, Chapter 7 bankruptcy filings are up over 35% in Silicon Valley. An increase this dramatic has not been seen since the dot-com bust. Most attorneys in the San Jose area alone have seen their bankruptcy practices double, if not triple, over the past year. The increase in Chapter 7 filings has been driven by the increase in unemployment and the housing market crash. With the jobless rate on the rise and none of the Silicon Valley giants hiring, bankruptcy is often the only recourse. Chapter 7 filings have hit executives, professionals, and blue collar workers alike. Once a debtor falls behind on his/her payments it is next to impossible to get caught up in this economic climate. While most people have reserves to sustain themselves for a period of time, eventually those reserves run out and there is nowhere to turn.
Creditors have been ruthlessly terminating consumers’ credit lines and decreasing limits, not to mention the rampant increase in interest rates and penalty fees. It is no wonder that debtors throughout San Jose and the rest of Silicon Valley have had to turn to Chapter 7 protection.
If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
