More People Are Filing Bankruptcy

Posted on December 22, 2010

The Wall Street Journal reported that the recession has affected everyone and that the number of people filing for bankruptcy over 2010 was expected to reach more than a million and half Americans. Since the recession, it has become more common for filers to earn more than $30,000 per year and have a college degree. Twenty percent of filings in 2009 were by this group. This is a 4.1 percent jump from 2006. Last year, 9 % of filers earned over $60,000, an increase of 5.5 percent since 2006.

To File or Not to File

While filing for bankruptcy seems to be a great idea and will give one a clean, fresh start. It may not be the best option for many people. After all bankruptcy, can be humiliating and affect you credit for many years to come. In addition, changes in law have made it more difficult and more expensive to file for bankruptcy.

Other Options

Debt Settlement – Lawyers and Debt Settlement companies can work with you to create a payment plan and negotiate with your credit companies to allow you to pay off your debt at a discounted rate.

Loan Modification – When you own a home and are having difficulty paying your mortgage, a lawyer can help you negotiate the terms of your loan to make the payments more reasonable.

If you would like assistance with determining what would be the best option for you regarding your debts, please contact

For a free consultation call (857) 244-1940 or fill out the form on the right.

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