It should not come as too much of a surprise that new figures this week show Chapter 7, Chapter 13 and Chapter 11 personal bankruptcy filings have gone up over 34% from 2008 to present. The rate of increase is shocking and a little scary, even for a bankruptcy lawyer such as myself. Here is Portland Oregon where I practice as a bankruptcy lawyer I've seen at least as much as a 30% increase in business; probably closer to 50%. The clients that I see on a daily basis are coming from all walks of life and more and more I hear that folks never thought they'd be having to file for a Chapter 7.
I think this increase, and I believe that it will go much higher is due to the fact that many folks have been holding on; using a bankruptcy filing as the very last resort and that they will exhaust other means (consolidation, 401k cash outs, balance transfers, etc) before considering a bankruptcy. Its seems that many of the people I help have simply run out of options. While I'm not advocating being flippant about a filing, I do think that people can benefit talking to a bankruptcy lawyer early on when you sill have options. We can often help people plan their way out of distress without a filing and if a filing is necessary, help them plan for the bankruptcy in an orderly fashion.
Most bankruptcy lawyer's don't charge for a quick consult (myself included) so there should be no reason not to talk to one of us; even if we end up saying a bankruptcy is not right for you...at least you'll know all your options early.
Be well for today
