Chapter 7 Bankruptcy Filing In South Bend

Chapter 7 Bankruptcy Filing In South Bend

South bend bankruptcy lawyers may have noticed the growing trend in bankruptcy chapters over the course of the last three years, there has been quite an alarming increase in chapter 7 personal bankruptcy cases. This may or may not come as a surprise to South bend bankruptcy lawyers. One reason why some South bend bankruptcy lawyers may be surprised is because the new federal bankruptcy guidelines according to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, there were more requirements that essentially made a chapter 7 more difficult to qualify for. One could surmise that Americans are enduring more economic impacts than ever and those financial challenges are making it easier for them to meet the qualifications set by the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005. Throughout the entire state of Indiana in 2007, there were only about 30,000 total personal bankruptcy filings. Only 32% were chapter 13, while the other 68% elected to file for chapter 7. Meanwhile, in 2008 only 29% of the nearly 38,000 personal bankruptcy filers went with chapter 13 while 7% opted for chapter 7. So far this year in 2009, through September, there have been almost 36,000 personal bankruptcy filings. An astounding 74% of them have been chapter 7, while only 26% were chapter 13 cases. The difference in the assistance that each chapter provides can offer general information about the filers in that specific area. This information not only tells you that Indiana residents are able to meet the stringent standards of the Bankruptcy Abuse Prevention and Consumer Protection Act, it also leads one to logically believe that these filers do not have property or assets that require protection as chapter 7 offers no protection for property other than the basics that are usually found inside of the home and not the home itself. Property and other assets can usually help one bounce back or recover from a personal bankruptcy filing.

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