Salem Bankruptcy Attorneys Have Their Hands Full

Salem Bankruptcy Attorneys Have Their Hands Full

With bankruptcy rates climbing higher and higher each year, an experienced Salem bankruptcy attorney might have his or her hands full trying to process the growing number of cases. A smart Salem bankruptcy attorney would closely monitor the bankruptcy statistics to watch for abrupt changes or growth in a certain direction. Now while there is no reason for a Salem bankruptcy attorney to be worried about the personal bankruptcy rate at this point in time, it is certainly beneficial to keep an eye on that number for a variety of reasons. Over the past three years, the bankruptcy rate in Massachusetts has been steadily increasing. This growth has been moderate and is not too much cause for alarm, but the number is moving in the wrong direction nonetheless and can become problematic if it continues to rise. For example in 2007, there were almost 14,000 total personal bankruptcy filings. Of that 14,000, an overwhelming 67% filed under a chapter 7 while the remaining 33% filed under a chapter 13. In 2008 by contrast, that number increased to 16,250 total personal bankruptcy filings. This time, approximately 77% of that number opted for a chapter 7 while the other 23% decided to file a chapter 13 filing. In 2009 by comparison, almost 21,000 total personal bankruptcies were filed in the state of Massachusetts. An astounding 82% of that 21,000 filed a chapter 7 while the remaining 18% filed a chapter 13. The chapter of personal bankruptcy that the majority of the population in any given area decides to file is indicative of the composition of people in that area. The fact that so many people can qualify for a chapter 7 filing is rather interesting. The current unemployment rate in Massachusetts is 9.4% compared with the national unemployment rate of 10%. That may something to do with the state's residents being able to qualify for a chapter 7 filing.

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