California Leads in Bankruptcy Filings

According to statistics published by the American Bankruptcy Institute, California leads the nation with bankruptcy filings. Several factors account for this, including the fact that California is the most populous state, has the second highest unemployment rate, has been hit hard by the real estate market crash and played a major role in the subprime mortgage disaster. In January of this year, California reported 15,803 bankruptcy filings, which accounted for 18 percent of all U.S. filings. Florida, the second-ranked state, reported 6,178, which is less than half of California's. Over 96 percent of California's filings in the previous year were non-business or consumer filings, known as personal bankruptcies.

Overall, bankruptcy filings for the nation have declined in the past year. This may be due to an uncertain economy, with consumers spending less in an effort to maintain their fragile financial health. California, hit hard by the recession and the continuing downtrending real estate market, faces government shortfalls as well, with the current governor trying to handle a budget crisis.

Los Angeles Bankruptcy Attorney

If you are located in the Los Angeles area of California and are facing a budget crisis of your own, you are not alone. As the above statistics show, many Californians have turned to the legal solution of a bankruptcy filing, offered by the state and federal governments, to help them regain their financial footing. Filing for bankruptcy is no longer just for deadbeats. Nor is it a kiss of death against your moral character. Most people who file for bankruptcy do so because of unfortunate circumstances such as a job loss, illness, injury, costly divorce, loss of investment income, business failure, or other similar financial upset.

If you are facing insolvency, get the help you need from a Los Angeles bankruptcy lawyer at the Pacific Attorney Group. Learn how bankruptcy can help you, what your legal options are, and get the experienced and dedicated legal representation you need to resolve your debt overload.

Contact a Los Angeles bankruptcy attorney for legal solutions to debt relief today.