Bankruptcy is Becoming an Increasingly Popular Option for Southern California Residents

Bankruptcy is Becoming an Increasingly Popular Option for Southern California Residents

Are you drowning in debt? While it may seem like all is lost, rest assured that there is hope for you. An increasing number of residents in the San Diego area are beginning to understand that bankruptcy can provide financial freedom. The crash of the housing market follow in the sub-prime mortgage crisis, diminished incomes related to the recession, and ever decreasing number of jobs are causing people to seek financial relief in record numbers. Consider the following eye-opening statistics from the southern region of California: The total number of bankruptcy filings for the period ending March 31, 2010 was 5,569. The total number for the following three month period ending on June 30, 2010 was 6,431. The next quarter ending on September 30, 2010 saw a total of 6,102 bankruptcy filings. During the entire year of 2009, there was not a single quarter when the number of total bankruptcy filings was greater than six thousand. What this tells us is that while the stock market and some other indicators are hinting that a turnaround began in 2010, a greater than ever number of individuals are still declaring bankruptcy in Southern California, and we may not be through the worst of this economic cycle just yet.

Here are some additional statistics showing that more people in the San Diego area are pursuing available options for bankruptcy relief: During the twelve month period between March 31, 2009 and March 31, 2010, there was a 40.1 percent increase in the number of bankruptcy filings. During the 12-month period between June 30, 2009 and June 30, 2010, there was a 31.9 percent increase in the number of bankruptcy filings. Lastly, for the 12-month period between September 30, 2009 and September 30, 2010, there was a 21.9 percent increase in the number of bankruptcy filings.

These numbers show that many in the San Diego area are embracing the fact that filing for bankruptcy relief can give debtors an opportunity to get a fresh start, and can also provide some relief from creditors. If you are feeling trapped, burdened, or overwhelmed by your financial situation, bankruptcy may be a viable option for you. An experienced bankruptcy attorney can answer your questions about bankruptcy relief, and help you determine if filing bankruptcy is the best option for you and your family. Do not delay. Be proactive and decisive in finding the best course of action. If you procrastinate, creditors have more time to prepare to gain access to your income and/or assets, and you may find yourself in an even deeper hole to try and pull out of.

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