San Jose Bankruptcy Lawyers Look For Changes

San Jose Bankruptcy Lawyers Look For Changes

San Jose, founded in 1777, is the third largest city in the state of California and the 10th overall city in the entire United States. San Jose bankruptcy lawyers are undoubtedly busy servicing the more than 950,000 residents of the large city. San Jose bankruptcy lawyers keep their eyes open for major changes in powerhouse companies for a shift in changes that can potentially affect the bankruptcy filing rate. Some headquarters or major facilities located in San Jose are Flextronics, Lockheed Martin, IBM, Adobe Systems, Hewlett Packard, and eBay. If any of these companies were to abruptly close their doors and seek business bankruptcy protection then San Jose bankruptcy lawyers can certainly expect to see a surge in personal bankruptcy filings. For the time being though, the city of San Jose is faring quite well economically. The city is known for having a high cost of living. San Jose was an agricultural center for nearly 150 years and was nicknamed the capital of Silicon Valley. In addition, San Jose has produced more United States patents than any other city. San Jose is renowned for its advancements in engineering and other forms of high technology. The city is also home to the Dr. Martin Luther King Jr. Library. Because of the large number of residents in the city of San Jose, it is logical to assume that the residents of San Jose contribute greatly to the annual bankruptcy rates for the state of California. This number has been steadily climbing over the past three years. For example, in 2007 there were a total of almost 71,000 personal bankruptcy claims. 72% of those cases were categorized as a chapter 7 while the other 28% were chapter 13. In 2008, that number almost doubled to nearly 131,000 total personal bankruptcy claims. 77% of those filers filed under chapter 7 personal bankruptcy protections while only 23% sought a chapter 13. So far, as of late 2009, there have been a little over 150,000 personal bankruptcy claims. Still, the overwhelming majority of those filers, a whopping 78%, are choosing chapter 7 over the 22% that chose chapter 13.

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