While the overall economic outlook is still mixed, there are signs of improvement throughout the country. For example, according to the American Bankruptcy Institute, the national number of bankruptcy filings dropped 12 percent in 2011.
In addition, county courthouses in some areas of California have released encouraging statistics that indicate the outlook may be improving in the Golden State. For instance, the number of Ventura County residents filing for bankruptcy is declining.
Overall, the county saw a 5.7 percent drop in filings in 2011, which the Ventura County Star reports is the first time the number has declined since the beginning of the recession. While the number Chapter 7 and 11 filings decreased significantly, the county had an enormous spike in Chapter 13 filings.
Michael Sment, of the Ventura County Bar Association, told the news source that there are new income requirements which complicate who can file for Chapter 7 protection, and as a result, there have been more bankruptcies filed as homeowners struggle with mounting mortgage debt.
Bankruptcy experts also say that, for the most part, those struggling with ramifications of the recession have already filed for bankruptcy protection in the past, which is contributing to lower numbers in certain parts of the state. But in turn, elderly filers may now be contributing to the overall totals at an increased rate.
According to the media outlet, the number of Chapter 7 liquidations dropped 10 percent in 2011 compared to 2010, but may have been buoyed by these filers.
"At the onset [of the recession], it was the people who were always a paycheck away from not being able to pay their bills," Valencia bankruptcy lawyer Louis Esbin told the news source. "Now it's the civil servants who've lost overtime."
Those who are struggling with the inability to juggle their monthly financial responsibilities may benefit from contacting a lawyer referral service that can provide them with recommendations for the best bankruptcy lawyers in their area. By pursuing this form of relief, state residents can gain the tools they need to get on the path toward their own financial recovery in 2012.
Attorney Search Network is a California state bar certified legal referral service that helps clients find an attorney for nearly any type of case, whether they require a family lawyer, bankruptcy attorney, estate planning attorney or criminal lawyer.
