Local Changes, Economic Factors And Bankruptcy

Local Changes, Economic Factors And Bankruptcy

A smart Riverside bankruptcy attorney would stay abreast of any local changes with regard to economic factors. Possessing this critical information can really help a Riverside bankruptcy attorney prepare to handle his or her caseload effectively. Analyzing statistics of this nature is open for interpretation of each Riverside bankruptcy attorney. Riverside California was founded in the early 1870's. The current population is well over 300,000 residents. Riverside bankruptcy attorneys must not only be aware of what is going on in the city of Riverside but also in neighboring cities and the entire state as a whole. The past three years bankruptcy statistics point to a growing trend in the overall number of personal bankruptcies. In 2007, the total number of person bankruptcies in California was a little over 70,000. Much of that number, 72% opted to file for a chapter 7 while the other 27% went with a chapter 13. The following year in 2008, the number of total personal bankruptcies rose to approximately 130,000 cases. Still, the overwhelming majority, 77% opted for a chapter 7 while the remaining 23% decided to go with a chapter 13. Most recently in 2009, the number of total bankruptcies rose to approximately 205,000 cases. Of that 205,000, an astounding 78% elected to file for a chapter 7 while the other 22% filed for chapter 13 bankruptcy protection. This would lead one to believe that in 2010 the number of personal bankruptcy filings in the state of California would continue to grow deeper than that, they would continue to go in the direction of chapter 7. There are many different reasons why that could be. A high unemployment rate could also influence bankruptcy trends. Currently, the state of California has 12.4% unemployment rate. This is noticeably higher than the national unemployment rate of 10%. Hopefully that number will begin to decrease and subsequently so will the bankruptcy rate in the state.

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