According to new figures released by the National Bankruptcy Research Center, the number of Americans who filed for personal bankruptcy increased by almost a third in 2009.
There were 1.41 million personal bankruptcy filings last year, a 32 percent increase from 2008. The same study also showed that Chapter 7 bankruptcy filings were up 42 percent from the previous year, and the number of Chapter 13 bankruptcy filings rose 12 percent from 2008.
With no signs of the recession improving, analysts expect the amount of bankruptcy filings to continue to increase.
Bankruptcy experts agree that the poor economy, high unemployment rate, and high foreclosures rate have fueled the increase in personal bankruptcy filings.
Filing for Bankruptcy in Los Angeles?
If you are considering filing for bankruptcy, you are not alone. Millions of hardworking Americans have found themselves overwhelmed with debt they cannot afford to pay off. There is no reason to continue to struggle under debt. Filing for bankruptcy will give you the debt-relief you’ve been yearning for and a fresh new start in life. Although you might feel ashamed or embarrassed about filing for bankruptcy, these statistics prove you are not the only one experiencing financial hardship.
The Law Office of Teresa Beyers is committed to helping clients throughout the Los Angeles area seek debt relief through Chapter 7 or Chapter 13 bankruptcy. If you are interested in scheduling a free consultation with an experienced Los Angeles bankruptcy attorney, do not hesitate to contact the office today to ask for your FREE bankruptcy case evaluation!