Bankruptcy Filings Hitting Record Numbers

Consumers with debt problems filed 1.53 million bankruptcy petitions last year according to recent data.

 

This represents a nine percent increase over 2009, reflecting on the need for Americans to utilize bankruptcy protection to resolve their financial debt problems, which are in large part attributable to the recession, national financial crisis and overall weak economy.

 

This high number of filings represents the most bankruptcy proceedings we’ve seen since the two million figure in 2005 when consumers rushed to file before a stricter set of new bankruptcy laws took effect.  Even though the new bankruptcy laws were supposed to reduce the number of filings, that has not been the case.

At the Maryland Bankruptcy Center new Chapter 7 and Chapter 13 inquiries have nearly doubled in the past 2 months.  As a result, we have hired a new receptionist and added another attorney to help us out.  We strive to provide the best service that we can, regardless of how busy we are.   Since foreclosures are down, we are primarily fling Chapter 7 bankruptcy’s for our client’s. 

Please call us today at (410) 766-4044 or (301) 587-8900 and we will answer all of your questions regarding Chapter 7 or Chapter 13 bankruptcy.