Bankruptcy Filings Continue to Rise!
By Peter Orville, Attorney at Law on Mar 18, 2008 in General Bankruptcy Information, New York, State Specific Bankruptcy Issues
Throughout the country the number of people filing bankruptcy continues to rise. In the Northern District of New York, there was a 32.5% increase from 2006 to 2007. The Northern District of New York encompasses an area from The Thousand Islands and the St. Lawrence Seaway to the Pennsylvania border and from the Finger Lakes to Vermont and Massachusetts. It includes the Cities of Syracuse, Utica, Albany and Binghamton.
In 2006, there were 4,651 Chapter 7’s and 2,286 Chapter 13’s filed in the Northern District of New York. In 2007, the filings increased to 6,443 Chapter 7’s (an increase of 38.5%) and 2,750 Chapter 13’s (an increase of 20.2%).
The Upstate New York area has not yet felt the dramatic decrease in property values being felt by so many other areas, although the economy continues to languish. As the number of foreclosures rises, the number of bankruptcy filings is likely to continue to rise.
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