Bankruptcy Filings Increase by 20% in the U.S. in 2010

This past year, the Administrative Office of U.S. Court reported that bankruptcy filings in the country increased by 20%.  Between June 2009 and June 2010, 1.5 million people filed for bankruptcy.  Last year, that number was 1.3 million, noting a 200,000 increase.  For many, the 20% increase is not surprising as the unemployment rate remains high, the real estate market is stagnating and economic times are difficult.

The Administrative Office of U.S. Court also reported that there was a 10% to 15% increase in the number of Chapter 7, Chapter 13 and Chapter 12 filings whereas Chapter 11 bankruptcy filings only increased by 2% in 2010.

Additionally, statistics indicate that the regions that struggled in 2010 were in the Southwest, including California, Nevada and Utah.

If you are thinking about filing for consumer bankruptcy, it is important that you have a Salt Lake City bankruptcy attorney on your side that is committed to protecting your best interests and finances.  To speak with a bankruptcy lawyer, contact the Stone Law Firm now.