New Bankruptcy Filings Down Across the Board

Bankruptcy filings in Maryland fell more than 10 percent for fiscal 2011 while total filings nationwide decreased about 8 percent, the Daily Record reported on November 7, 2011. The 26,143 non-business filings made up a majority of the 26,829 total filings in Maryland, although the Record noted that those were also down about 10 percent as well.

Of the non-business filings, 5,343 were Chapter 13 filings while 20,754 involved the Chapter 7 bankruptcy process. According to the Record, the Chapter 13 plans fell more than 30 percent. While new filings were down across the board, the business cases fell nearly 22 percent and Chapter 11 reorganizations were down 34 percent.

While the number of people seeking foreclosure help has slowed because of concerns over robo-signing and improper documentation, paperwork problems being resolved could still lead a number of homeowners to reconsider filing for bankruptcy.

Some have speculated that the number of bankruptcy filings have gone down because some households are in such poor shape that they cannot even afford the cost of filing. You do not need to wait to be threatened with repossession of a vehicle or your home to take action on declaring bankruptcy, and our Maryland bankruptcy lawyer can off legal fees that are very competitive and payable in low affordable installments.

Law Firm of Kevin D. Judd – Maryland bankruptcy attorney

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