Bankruptcy in California

By admin • April 27th, 2011


Chapter 7 and Chapter 13 Bankruptcy in California has risen substantially since 2005. With the recession and struggling economy, it is harder and harder for people to pay their debts. Last year the number of bankruptcies filed in the US hit a record high, 1.53 million. That equates to more bankruptcies than the entire decade of the 60’s!

As the U.S. reached new highs, California followed suit. In 2010, the Golden State filed 255,041 bankruptcies, which grew from the 206,000 in 2009 (Bankruptcy-Statistics.com). This rise in the number filing has been present throughout the last three years.

Although we have all been hopeful to see bankruptcies decrease this year, showing signs of a stronger economy, reports have been discouraging. California filed 17,007 bankruptcies in January, 2010 and 19,091 this January, 2011. The same rising numbers were calculated in February and March this year.

Until our unemployment improves and our economy begins to shows clear signs of recovery, Bankruptcy will remain both a viable solution and a wealth management strategy for millions more Americans struggling to make ends meet.

http://www.bankruptcy-statistics.com/

 

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