subject: Bankruptcy Numbers Triple In Rockford [print this page] Bankruptcy Numbers Triple In Rockford Bankruptcy Numbers Triple In Rockford
Rockford Illinois is commonly referred to as the Forest City and was founded in 1834. The city has a population of about 150,000 people. Any Rockford bankruptcy attorney that runs a successful practice can tell you about pertinent statistics in the state of Illinois that have the ability to influence their caseload. Based on numbers alone, a Rockford bankruptcy attorney might be alarmed in seeing bankruptcy numbers almost triple over the past three years. But a practical Rockford bankruptcy attorney will definitely want to understand why. For example in 2007, there were approximately 40,000 total bankruptcy filings throughout the entire state of Illinois. Of that number, 63% decided to file a chapter 7 while the remaining 37% filed under a chapter 13. In 2008 by contrast, there were nearly 55,000 total personal bankruptcy filings. Of that 55,000, 69% chose to file under a chapter 7 while the other 31% filed under a chapter 13. Most recently in 2009 by comparison, the state of Illinois saw nearly 73,000 personal bankruptcy filings. Again, the overwhelming majority, 76%, opted to file under a chapter 7 while the remaining 24% decided to file under a chapter 13. Closely monitoring these numbers might lead one to believe that not only will the number of total personal bankruptcy filings increase but that they will increase in the direction of chapter 7 filings. So far in 2010, if the unemployment rate is indicative of anything to come throughout the year then trouble may be on the horizon for Illinois. The state's unemployment rate is currently hovering at 11.1%. This is slightly higher than the national unemployment rate of 10%. Economic experts identify the sustainable unemployment rate as being around 5% for a healthy economy. There is undoubtedly a link or connection between a state's unemployment rate and its subsequent personal bankruptcy rate. Acknowledging that fact can help one understand what is going on in the world around you.
