Bankruptcy is now even more of a solution for many people than ever before. Job loss, divorce or medical debt account for the great majority of filings. Chapter 7 or fresh start is the bankruptcy of choice for many people although a Chapter 13 bankruptcy can do more for those clients that need that type of relief. Bankruptcy was designed for people in these types of situations
Of the 158,141 bankruptcy filings in March, 118,505, or 75 percent, were Chapter 7s and 38,241 were Chapter 13s,the Aacer report says. Statistics from the United States Trustee Program, the Justice Department office that oversees bankruptcy cases, show that Chapter 7 filings as a percentage of all bankruptcies have increased to about 73 percent in 2009 from about 62 percent in 2006-07.
Attorney Gregg W. Wagman, New London, CT 06320