Report Shows Decline in Chapter 7 Bankruptcy Filings

In a recent report on bankruptcy filings for 2011, it was discovered that Chapter 13 and Chapter 7 bankruptcy filings were lower than in recent years. According to data collected by Epiq Systems, bankruptcy filings were down by 11.7% in 2011. There were 1,379,113 filings total in 2011 compared to 1,562,008 in 2010 and 1,448,055 in 2009. Of the approximately 1.4 million bankruptcies for 2011, over two-thirds (about 70%) were Chapter 7 filings. This type of bankruptcy protection which allows filers to be absolved of a large portion of their debt showed a general decrease in number as well. Analysts are still pouring over the data to find out if this trend is indicative of an improvement in the economy. Some professionals in the field suspect that the decrease in bankruptcy protection filings merely shows that people were able to gain access to more credit and thus create more debt. The fear is that this will only add to the problem in future years. Are you considering filing for bankruptcy in New York? Contact a Long Island bankruptcy lawyer to get your questions answered and ensure you are taking the right path for regaining your financial stability!

Chapter 7 Bankruptcy Lawyer in Long Island

Deciding to file for Chapter 7 bankruptcy is not a decision that should be made without knowing your full options. By working with a skilled bankruptcy attorney that is knowledgeable and experienced in Chapter 7 filings, you can discover if this is the right type of protection for you and learn more about how it may affect your future. A lawyer with the law offices of Jacoby & Jacoby is part of a dedicated, highly competent team with over 50 years of combined experience in this area of the law.

We have successfully helped clients in Long Island, Suffolk County, Nassau County and nearby areas eliminate debt and stop foreclosure action. From filing the petition to local bankruptcy court to providing representation at any creditor meetings, our goal is to get the client to the desired outcome. Being in debt and filing for bankruptcy can be enormously stressful. Let a professional help relieve that stress caused by the complexity of bankruptcy law and get you on the way to a brighter financial future.

Contact a Long Island Chapter 7 bankruptcy attorneyon our team as soon as possible. Schedule an initial consultation today!