A new report by The Warren group shows that Connecticut’s personal bankruptcy filings increased by 66 percent last year over 2007 figures.
This parallels increases around the country. 5,676 filings were recorded in 2008 for Chapter 7 bankruptcy protection in Connecticut, compared to 3,417 in 2007. Despite the increase, the 2008 numbers are still well below the 13,204 filings in 2005 when the bankruptcy laws underwent sweeping changes.
With pending changes to the Bankruptcy Code being sought in Congress to enable homeowners to modify their mortgages in bankruptcy, these figured will likely increase exponentially during 2009. This means that most experienced bankruptcy lawyers will once again experience long waits for new clients – and some may end up not taking new clients at all to cope with the rush.
Don’t wait until the last minute. If you’re having financial problems, talk to a bankruptcy lawyer sooner rather than later.
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