|From Los Angeles Bankruptcy Panel: Bankruptcies Increase By 38% Last Year
| The U.S Courts Administrative Office has announced that, during 2007, the number of bankruptcies filed by both businesses and consumers in the US have went up by 38% to a grand total of 850,912, making for some of the highest numbers in recent years.
Furthermore, a collection of legal gurus have stated that they believe an even higher percentage of bankruptcies should be expected for 2008 and 2009 on account of the subprime mortgage crisis that is leaving homeowners no choice but to accept foreclosure.
It is believed that there were 617,660 filings of bankruptcy in 2006, a much smaller number that is based on the reports of an agency that collects data from the federal courts in the US.
Almost every case of bankruptcy in the 2007 filings involved individuals, making for a total of 822,590 to be exact. Nonetheless, cases of businesses filing for bankruptcy also rose, climbing up 44% over the previous year and totaling at 28,322.
People are increasingly getting worried about the fact that their homes donít function as a financial backbone anymore, and are likewise finding it harder to justify paying so much for something that they canít realistically afford.
The highest record for bankruptcies occurred in the year 2005 when over 2 million cases of bankruptcy were filed right before the federal bankruptcy law was redesigned to increase the difficulty of eliminating debt under Chapter 7. The reformed law also increased the requirements for paying debts under Chapter 13 bankruptcy and removed some protections that consumers took advantage of, such as stalled house evictions and even proceedings for child support.
There are two sides to a bankruptcy case - the debtor's side and the creditor's case. Both deserve equal representation under the law. Not only have laws been put in place to assist those on each side, but having a skilled attorney represent you can mean the difference between recovery and financial disaster.
|Attorneys going into bankruptcy court should have a high level of understanding of all components of bankruptcy choices - including chapter 7, 11, 12, and 13. But they also need to know what rights the creditor possesses because it's no longer a "file and clear your debt" situation.
|New reforms passed in April of 2005 drastically altered the way cases were handled for those seeking a way out of debt. When you find legal representation through 1000Attorneys.com, you can rest assured your legal counsel will be educated in the new reforms and how they could help or hurt your individual circumstances.
|Before you file to declare bankruptcy, make sure you talk to a knowledgeable lawyer to see if that's your best option. Even creditors who are being faced with a debtor that is filing bankruptcy needs adequate representation because the results of the case will impact their business's bottom line.
|A good lawyer can often help the individual work out reorganization for repayment of the debt and help the consumer steer clear of blemishing their credit score and report with further damage.
To Find a Los Angeles Bankruptcy Attorney Call 661-310-7999
|Specific areas of Bankruptcy:
|Los Angeles Bankruptcy
Chapter 7 Bankruptcy
Chapter 11 Bankruptcy
Chapter 12 Bankruptcy
Chapter 13 Bankruptcy
Creditors & Bankruptcy
Debtor & Bankruptcy