Chapter 7 Filings Still on the Rise
San Jose Bankruptcy Attorney discusses the Increase in Chapter 7 Filings
Chapter 7 bankruptcy filings are up higher than ever in Silicon Valley. An rise this large has not been seen in years. Most attorneys in the San Jose area alone have seen their bankruptcy practices double, if not triple, over the past year. The increase in Chapter 7 filings has been driven by the increase in unemployment and the housing market crash. With the jobless rate on the rise and none of the Silicon Valley giants hiring, bankruptcy is often the only recourse. Chapter 7 filings have hit executives, teachers, and blue collar workers alike. Once a debtor falls into major debt it is next to impossible to get caught up in this economic climate. While most people have reserves to sustain themselves for a period of time, eventually those reserves run out and there is nowhere to turn.
Chapter 7 has been a savior for many due to Creditors cancelling debtors’ credit lines and lowering limits, as well as the dramatic increase in interest rates and late fees. It is no wonder that the Bay Area and Silicon Valley have had to turn to Chapter 7 protection.
If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!
