Modesto Bankruptcy Lawyer Blog

The end of first quarter 2011 reflected that the West region still holds the highest unemployment rate of any region in the country at 10.7 percent. It should be no surprise for those who are jobless then that California ranks 4th in bankruptcies per capita according to The Orange County Register.

Individuals who suffer from insurmountable debt should seek the help of an experienced Stockton bankruptcy lawyer in order to get your life back on track. You do have options -- an experienced bankruptcy attorney can help. One income households often find it impossible to keep up with mortgage payments, credit card bills, and medical expenses over time, which in many cases leads to filing for bankruptcy in California.

When we think of the classic bankruptcy candidate we often think of frivolous spenders, victims of divorce settlements or people who spend beyond their means. The recession has killed most of those old, unfair stereotypes. Recent data indicates that healthcare is the number one reason for bankruptcy in households that claim debt. The U.S. Department of Labor Bureau of Labor Statistics recently reported that California ranks 2nd in the nation in unemployment with a 12 percent rate. This is substantially higher than the national average recorded in March of 2011 at 8.8 percent. Twelve percent of Californians without jobs means a substantial amount of families without health benefits.

California reported 7.05 bankruptcy filings per 1,000 population for the 12 month period ending March 31, 2011. According to the U.S. Bankruptcy Court, California was ranked 4th highest among states, an increase from the previous year when the state was ranked 8th and had 6.15 bankruptcies reported per 1,000 population.

Nationally, there were over a million and a half filings for the 12 month period ending March 31, 2011 which is a 2.6 percent increase when compared to the same months of the previous year. Interestingly, personal bankruptcies filed increased by 6.8 percent while business bankruptcies filed decreased by 11.3 percent for the 12 month period ending March 31, 2011.

The stress of filing for bankruptcy can be overwhelming, especially when you are faced with the fear of potentially losing your home. Contacting an experienced bankruptcy law firm can help you make a fresh start -- experience the relief that comes with a new beginning.

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Modesto bankruptcy lawyers have helped thousands deal with the economic downturn by seeking the fresh start that can come with bankruptcy protection. With the economy the way it is the last few years, many of us have had to take the necessary measures to keep our heads above water in order to protect our families. These steps have led to maxed out credit cards, bad credit, overdrawn accounts and unpaid mortgages or loans. The help of a bankruptcy lawyer can help you save your home from foreclosure and give you a clear vision on the right course of action to take.

Banks and lenders are continuing to take advantage of individuals who suffer from hardships and who can't make ends meet. The Modesto Bee recently reported about several cases of soured plans to build and develop northern Modesto. Multi-million dollar debts can't be paid, which have led to civil lawsuits and court dates. Westamerica Bank has captured one large development property after going to a foreclosure auction recently. Another 36 acre property was scheduled for foreclosure but the over $11 million debt was delayed when the developing company filed for bankruptcy the afternoon before the auction was to take place.

The state of California reported over 255,000 filings for bankruptcy in 2010. The filings per capita rate was 6.90 per 1,000 people. The ratio breakdown of filings were 76 percent filed to be discharged of all debts (Chapter 7) and 24 percent filed to pay off the debt under a three to five-year plan (Chapter 13). In 2010, there were over 500,000 projected foreclosures in California. It is estimated that during 2009 through 2012, there will be almost 2 million foreclosures.

Chapter 7 and Chapter 13 bankruptcy are option to help consumer gain a fresh start. Most homeowners may not know that it is possible to keep your home after filing for bankruptcy in Chapter 7 or Chapter 13. Furthermore, creditors can be fined for imposing or violating your rights if they continue to harass you about collecting on owed debts after you file. Determining which chapter and filing for bankruptcy can be a complicated process so having an experienced attorney who can monitor the situation and help you make the right decisions should be a top priority for any individual facing financial problems.

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