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As Job Losses Mount Bankruptcies Rise

Posted By admin || 10-Apr-2009

In the 1st quarter of 2009, 308,530 debtors filed bankruptcy, that's a 35% increase from 2008. In March alone, 121,413 debtors filing Bankruptcy a whooping 45 percent increase from 2008. But debtors filing bankruptcy is not an event happening in a vacuum, it is being pushed by the number of job losses affecting millions of Americans. Just last month workers suffered 663,000 job losses and more job losses are expected for 2009. If the predictions of economic analysts are correct, 2009 could bring an unemployment rate that will easily surpass 10 percent. More job losses will mean more bankruptcies for Americans who simply can no longer repay their debt.

The massive amounts of bankruptcies are sending many creditors scrambling to cut losses and expenses. Mortgage lenders are muddling through thousands of foreclosures that simply can't be resold and credit card companies are tackling massive amounts of credit card charge-offs as more debtors file bankruptcy or simply stop paying. But most creditors are not going down without a fight. More creditors are using aggressive collection practices for even small debts. Wage garnishments , bank account seizures and lawsuits are becoming more common now than ever before as creditors grab at any existing assets debtors hold. Many debtors find themselves facing garnishments and lawsuits even after they've done everything possible to negotiate with the lender. If you're a debtor facing a creditor garnishment and/or lawsuit, speak with a Dallas-Fort Worth bankruptcy attorney today about your bankruptcy options. Bankruptcy may be able to stop the aggressive collection actions of creditors and save your assets.

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