Newly released data from the American Bankruptcy Institute confirms the anecdotal evidence: Chapter 13 bankruptcies continue to rise here in California and nationwide. The California Chapter 13 bankruptcy trend is part of a broader nationwide rise in Chapter 13 bankruptcy filings over the last year. The lesson from all this? Bay Area Chapter 13 Bankruptcy lawyers will continue to be busy in the weeks and months ahead as they work to help clients manage these difficult economic times.
If, as ABI forecasts, bankruptcies nationwide exceed 1.4 million this year that would make 2009 the worst year for bankruptcy filings since 2005. The Institute's newly released data for October indicate that there were 135,913 filings last month - a 8.9% increase compared with September and up a full 27.9% over October of 2008. The report notes that Chapter 13 filings made up 28.5% of the October total, which it describes as "a slight increase" on the September rate.
An analysis at Credit.com points out that much of this increase can be linked to the unemployment rate, which has slowed its rise in recent months but remains at levels not seen since the Reagan administration.
As I've noted in previous posts, Northern California Bankruptcies represent a significant share of the overall California Chapter 13 bankruptcy trend. An experienced Northern California Chapter 13 bankruptcy law firm can be a key ally in managing this particularly complicated legal territory. Contra Costa County Chapter 13 bankruptcy can affect credit ratings and many other aspects of your life. Experience, sensitivity and attention to detail are all key factors you should consider in selecting a San Francisco area Chapter 13 bankruptcy lawyer.
Credit.com: Bankruptcy state raise questions about recovery
