subject: Bankruptcy The Past Few Years [print this page] Bankruptcy The Past Few Years Bankruptcy The Past Few Years
The city of Waukegan was founded in 1829 and the Illinois city has more than 100,000 residents. If you are a Waukegan bankruptcy attorney then you may have had to answer some difficult questions for clients in the past. With the growing number of bankruptcies, chances are that any Waukegan bankruptcy attorney will probably continue to be presented with many questions.
A Waukegan bankruptcy attorney might start by analyzing the bankruptcy trends in the state of Illinois as they will most likely service clients not just from the city of Waukegan but also from neighboring cities as well. That is why it is important to know what is going on in the world around you. Reviewing the pattern of bankruptcy over the past few years can truly give you a sense of direction about what direction bankruptcy rates are headed in. Three years ago in 2007, the total number of personal bankruptcy filings was 40,000. Of that number, approximately 63% opted to file a chapter 7 while the other 37% elected to go with a chapter 13. By contrast in 2008, there were a little more than the previous year's filings. A total of almost 55,000 personal bankruptcies were filed in the entire state of Illinois. Of that number nearly 55,000, about 69% filed under a chapter 7 while the remaining 31% filed under and chapter 13. More recently in 2009, that number rose to almost 73,000 total personal bankruptcy filings. An overwhelming majority of that nearly 73,000 decided to file a chapter 7, 76%, while the other 24% filed under a chapter 13. The next thing that a Waukegan bankruptcy attorney will want to look at is the unemployment rate for their state. At the present time, the unemployment rate in the state of Illinois is approximately 11.1%. This is in comparison to the national unemployment rate of 10%. The question then becomes why. The task of interpretation is next.
