Increased Bankruptcy In Southfield

Increased Bankruptcy In Southfield

Increased Bankruptcy In Southfield

Southfield bankruptcy lawyers know that the city of Southfield Michigan has experienced an increase of personal bankruptcy filings between the years of 2007 and 2008. Quite a steep increase has many Southfield bankruptcy lawyers on alert anticipating more clients who wish to file chapter 7 bankruptcy filings. Paying close attention to constantly fluctuating trends can help these Southfield bankruptcy lawyers ascertain exactly how to prepare to best serve the needs of the Southfield community. For example, in 2007 there were a total of almost 45,000 bankruptcy filings throughout the entire state of Michigan. Chapter 7 cases accounted for more than 70% of all of those cases that year. By stark contrast, in 2008 that number jumped to nearly 54,000 bankruptcy filings and nearly 80% of them were chapter 7 personal bankruptcy cases. So far, through the third quarter of 2009, there have been a little over 50,000 cases with about 84% of those cases representing chapter 7 personal bankruptcy filings. By analyzing data trends like this, bankruptcy attorneys can effectively predict where and how to dedicate their time, money and resources. Now logically, they may have to account for some adjustments depending on if they are analyzing state versus local information. A number of factors are likely to influence those numbers so considerations must be made. Although Southfield bankruptcy lawyers may have their practices or offices located in Southfield, they may actually provide services to clients who reside in different locales in and around the state of Michigan. Therefore, it is important to remain aware of the bankruptcy patterns of the immediate surrounding regions. With disturbing unemployment rates that continue to climb, 2009 might bring unprecedented bankruptcy filings. That remains to be seen. Regardless of if it does or does not, immediate relief from the economic recession is nowhere in sight so who knows what kind of bankruptcy rates the New Year might usher in.

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