Recent statistics indicate cases of filing personal bankruptcy are steadily increasing, and the figure may reach 1.4 million by December end this year. The main reason being more jobs are lost due to the economic meltdown, and people are finding it difficult to avail new loans, or refinance older ones. Many companies are going in for job cuts as well as pay cuts to sustain themselves. The filings declined sharply in 2005 when a reform measure was signed which made it hard to erase debts. As many as 126,000 individuals filed for bankruptcy in the U.S., which is 34% more as compared to those in July 2008. There was an increase of 36.5% in the personal bankruptcy filings in the first six months, as stated by the National Bankruptcy Research Center.
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As per recent findings, more job losses are expected in the coming days, and the unemployment rate could well cross 10% by the year-end. Several factors like reduced credit limits, decreasing 401(k) accounts, lesser savings and smaller paychecks could well make the condition worse. Bankruptcies are not limited to the working class alone. Several celebrities like Stephen Baldwin and Lenny Dykstra have also filed for Chapter 11 bankruptcy. A few celebrities have also filed for Chapter 7 bankruptcy and Chapter 13 bankruptcy.
The government is trying to control the rules associated with filing a bankruptcy, and as per the October 2005 reform passed by the congress, the Bankruptcy Abuse Prevention and Consumer Protection Act is supposed to make it harder for individuals to get court orders sanctioned to erase uncollateralized debt. Subsequently bankruptcy counseling was also introduced to find ways and means of avoiding the filings. And now the eligibility of bankruptcy filing depends upon the means test. It's recommended to consult bankruptcy attorneys before filing a bankruptcy. It's also possible to file bankruptcy online if one has the required knowledge.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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