The 2005 bankruptcy amendments were designed to make it harder to file bankruptcy. As a result, the number of people who filed bankruptcy from 2003 to 2005 increased dramatically. Surprisingly, that wasn't the only high we'd see.
The economic downturn hasn't been easy for many families to endure. The housing market dropped to new lows, the amount of people who couldn't find work increased dramatically, and the number of bankruptcy filings increased by about a third every year between 2007 and 2009. 2009 bankruptcy cases got all the way to 1.4 million.
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It was not just low income families that felt the need to get control of their debt. The recession hit every layer of society, cutting across every demographic group. The demographic information from debtors throughout 2009 support that.
Many who filed bankruptcy did so because of some catastrophic event like a layoff or unexpected medical expense. Since the credit industry has made it too hard for some to fall back on credit cards, many families were left without a backup plan. Fortunately, there were St. Louis bankruptcy attorneys that were willing to help average, hard-working American families pick up the pieces and make a new life for themselves.
So, does this mean that there will be even more Missouri and Illinois bankruptcy filings in 2010? It is hard to tell. I can, though, tell you that the predictions for 2010 don't include much change from 2009. National foreclosure rates have continued to rise and the job market isn't predicted to turn around until late 2011.
With the variable factors remaining the same, I certainly wouldn't expect the number of people who file bankruptcy in 2010 to decrease.
Thankfully, we know that the bankruptcy code will be there to serve its primary function--help families in need get through the tough times. In a time of such uncertainty, it is a comfort to know that you can get protection from foreclosure, credit card debt help, and relief from your creditors with Missouri or Illinois bankruptcy.
Naturally, bankruptcy isn't the best move for every family. If you are wondering if contacting a St. Louis bankruptcy attorney is the best way for you to recover from a job loss, medical emergency, or other catastrophic event, I would suggest doing some research about bankruptcy and what it can do for your specific situation. Start with free information from reputable Missouri and Illinois bankruptcy lawyers in your area.
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