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 In Bankruptcy, Bankruptcy In The News, Blog, Chapter 13 Foreclosure, Chapter 7 Bankruptcy

These numbers are the highest since the bankruptcy law was revamped in 2005; this change was intended to make it more difficult for consumers to release their debt. This law made it harder for individuals to file for Chapter 7 bankruptcy, which allows them to release their debts, and made Chapter 13 a more likely choice. In this case a repayment plan is developed with the creditors involved.

However, 3/4 of recent filers were still able to qualify for Chapter 7 bankruptcy as they were hit by underwater mortgages and long-term joblessness.

If you are considering filing for bankruptcy this year, contact San Antonio bankruptcy attorney now to start working on your finances.