The economic downturn has been challenging for many families. Between 2007 and 2009, the housing market fell to new lows, the number of unemployed people increased dramatically, and the number of bankruptcy filings rose by about a third annually. The number of bankruptcy filings in 2009 reached 1.4 million.
Not only low-income families felt the need to get their debt under control. The recession affected every social stratum and every demographic group. In 2009, demographic data on debtors corroborate this assertion.
Many individuals who filed for bankruptcy did so because of a catastrophic event, such as unemployment or an unexpected medical bill. Since the credit industry has made it difficult for some individuals to rely on credit cards, a great number of families were left without a contingency plan. Fortunately, there were bankruptcy attorneys in St. Louis who were willing to assist average, hard-working American families in rebuilding their lives.
Does this therefore imply that there will be an increase in Missouri and Illinois bankruptcy filings in 2010? It is difficult to say. I can, however, tell you that the predictions for 2010 do not differ significantly from those for 2009. The national rate of foreclosures has continued to rise, and the job market is not expected to recover until late 2011.
In 2010, I do not anticipate a decline in the number of individuals filing for bankruptcy, assuming all other variables remain unchanged.
We are fortunate to know that the bankruptcy code will continue to serve its primary purpose, which is to assist struggling families. In times of such uncertainty, it is reassuring to know that Missouri or Illinois bankruptcy offers protection from foreclosure, assistance with credit card debt, and relief from creditors.
Obviously, filing for bankruptcy is not the best option for every family. If you are unsure whether contacting a St. Louis bankruptcy attorney is the best way to recover from a job loss, medical emergency, or other catastrophic event, I would recommend researching bankruptcy and what it can do for your particular situation. Begin by requesting free information from reputable Missouri and Illinois bankruptcy attorneys in your region.""
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