Experts say that the number of bankruptcy filings often follows the economy. For example, in 2009, banks offered credit to many borrowers for expensive homes. Then, the economy turned sour many people could not afford to pay their mortgage. Bankruptcy follows times when people take on too much debt. As a result, more people filed bankruptcy. In fact, the number of personal bankruptciesâ€”Chapter 7 and Chapter 13â€”peaked in 2009 in both Massachusetts and the Northern District of New York, which includes Albany, Utica and Syracuse.
In Albany the number of personal bankruptcies filed in 2012 was 4,135. In 2011, that number was 3,444. In Massachusetts, the number of personal bankruptcy filings fell from 19,700 to 16,100 in 2012 from 2011, respectively.
In a recent study, the American Bankruptcy Institute confirmed that the Albany and the Massachusetts trends followed downwards national trends in personal bankruptcy filings. Over the past year there were 14% fewer personal bankruptcy filings in the US when compared to the previous year. Now, people are saving more money and borrowing less, which helps explain this trend.
If you are considering bankruptcy, whether you are overwhelmed with bills or loans, contact the law office of Jayson Lutzky, P.C. Mr. Lutzky has over 29 years of experience working with clients. He offers free initial in person consultations and reasonable rates. Call his office at 1-800-660-5299 today or visit www.MyNewYorkCityLawyer.com.