Bankruptcy Trends In Sacramento

Bankruptcy Trends In Sacramento

Bankruptcy Trends In Sacramento

Lots of Sacramento bankruptcy attorneys like to keep a watchful eye on the bankruptcy trends and patterns in their area. These statistics can prove to be awfully beneficial to many Sacramento bankruptcy attorneys. Some Sacramento bankruptcy attorneys can actually effectively maneuver or plan their caseload around the growing trends of the local area. Over the past three years, the bankruptcy rate in California has nearly tripled. This astronomical growth has left many feeling a little nervous about the direction of the future. For example in 2007, there were almost 71,000 total personal bankruptcy filings. Of that 71,000, an overwhelming 75% filed under a chapter 7 while the remaining 28% filed under a chapter 13. In 2008 by contrast, that number had almost doubled as it rose to about 131,000 total bankruptcy filings. This time, approximately 77% of that number opted for a chapter 7 while the other 23% decided on a chapter 13 filing. In 2009 by comparison, almost 206,000 total personal bankruptcies were filed in the state of California. An astounding 78% of that 206,000 filed a chapter 7 while the remaining 22% filed a chapter 13. These numbers might suggest a continued increase in personal bankruptcy filing specifically in the chapter 7 arena. There are a few ways that one can prepare for an increase in bankruptcy filings. One might consider hiring more members to join their office staff. If that is not possible then another viable option may be to expand their office hours either starting earlier during the day, implementing working lunches, or working later in the day. Delegating more responsibility to experienced office staff is also a reasonable way to handle the increase in bankruptcy filings. There are lots of ways to prepare for a spike in bankruptcy filings. No way is necessarily right or wrong as long as it allows the productive management of the case load.

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