According to the Bankruptcy Institute, in July 2013, there were 87,684 bankruptcy filings in the United States. Bankruptcy is something that affects many people, and as it doesn’t discriminate, all people should be ready and knowledgeable of what to do when bankruptcy looks like the only solution.
Between 2011 and 2012, however, the number of bankruptcies in America actually fell by 13 percent. Still, around 322 of every million American citizens file bankruptcy. In addition, in California, personal bankruptcy filings have increased by an estimated 600 percent since 2006.
Importantly, there are many bankruptcy lawyers, who specialize in chapter 11 bankruptcy code, chapter 13 bankruptcy laws, chapter 7 bankruptcy laws, and all other information on bankruptcy. They can tell you when to file bankruptcy, and guide you through the entire process. Lawyers who know about chapter 13 bankruptcy can tell you that the debt limit for unsecured debt during a chapter 13 bankruptcy in America is $360,475.
At the end of the day, bankruptcy affects a lot of people, and it has the potential to turn your life around. If you are in over your head with debt and need information on anything like chapter 11 bankruptcy code, don’t go into the battle alone. Talk with an attorney and get expert advice to make sure bankruptcy is the right decision. It is a major decision, so it shouldn’t be taken lightly. Great references here.