- In 1998, one out of every 68 households in the United States filed for bankruptcy.
- Bankruptcy filings each year in the United States are now more than double the number of filings that occurred during the entire decade of the Great Depression.
- Consumer debt has increased an average of 8 percent annually over the last 20 years, with the average family now carrying $58,500 in debt.
- Unsecured debt, like credit card debt, has grown by an average of 14 percent annually since 1978. The average balance of debt carried by the people who use credit cards to borrow money grew by half from 1992 to 1995.
- Approximately 8.6 percent of filers have declared bankruptcy once before and around 2.5 percent of bankruptcy filers have declared three or more times.
Monday, March 17, 2014
Some Alarming Bankruptcy Statistics
Don't Worry, a Bankrupcy Lawyer Can Help
Have you ever asked yourself the question, how many different types of lawyers are there in the many law firms that we see in the yellow pages? If you inquire of the people who have visited these various law firms, they will tell you the same story. Most of them believe that any attorney in a law office is qualified to handle any type of legal case. However, the real truth is that all of these law offices have specific attorneys that handle specific parts of the law.
The bottom line for us as “Joe Average” is that when we need an attorney, we should choose the one who is has the best qualifications and experience to win the case. For example, a bankruptcy lawyer is an attorney who specializes in only bankruptcy proceedings. He does not deal in health claims or criminal issues. His knowledge is in either Chapter 7 or 13 bankruptcies. He only handles bankruptcies. Therefore, you should retain only a bankruptcy lawyer if you about to file for bankruptcy. They have the expertise and will help you go through a bankruptcy effortlessly.
When you decide to hire a bankruptcy lawyer, make certain that you choose one that has the best reputation in the city that you live. Let's see for example what some a bankruptcy lawyers duties may include as they file a bankruptcy for you.
Bankruptcy laws though unpleasant are part of our social structure to help people get out from under an unbearably heavy debt load. They apply to all persons no matter what the reasons are for filing. The majority of people who consider a bankruptcy are simply not in a position to repay their many creditors. They do not and sometimes will never have the money to repay what is owed.
Filing for a Chapter 7 or a Chapter 13 bankruptcy is a very complicated process. It is not something that a layman can do on their own. It is best left to the capable hands of a qualified attorney. The bankruptcy filing has the ability to free a debtor from their financial chains.
If you are involved in a bankruptcy proceeding, a federal bankruptcy court in your city will be take care of your case. Your bankruptcy attorney will prepare all of the papers and documents needed to allow you to be eventually discharged from your bankruptcy.
When you decide to hire a bankruptcy lawyer, make certain that you choose one that has the best reputation in the city that you live. Let's see for example what some a bankruptcy lawyers duties may include as they file a bankruptcy for you.
Bankruptcy laws though unpleasant are part of our social structure to help people get out from under an unbearably heavy debt load. They apply to all persons no matter what the reasons are for filing. The majority of people who consider a bankruptcy are simply not in a position to repay their many creditors. They do not and sometimes will never have the money to repay what is owed.
Filing for a Chapter 7 or a Chapter 13 bankruptcy is a very complicated process. It is not something that a layman can do on their own. It is best left to the capable hands of a qualified attorney. The bankruptcy filing has the ability to free a debtor from their financial chains.
If you are involved in a bankruptcy proceeding, a federal bankruptcy court in your city will be take care of your case. Your bankruptcy attorney will prepare all of the papers and documents needed to allow you to be eventually discharged from your bankruptcy.
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