With the current state of the economy and massive job layoffs, the number of Bankruptcy filings in the U.S. has surged. The Associated Press reported that over the last 12 months, there have been over 1.2 million bankruptcy proceedings filed. In March of 2009, there was an increase of 46% on the number of filings from March 2008. The largest percentage of increases in filings is from the Western portion of the United States: Arizona, California, Idaho and Nevada leading the way.
Many experts are predicting that this is just the start of the surge. Some early projections are for 1.5 million bankruptcies to be filed in 2009. This is despite the fact that the Bankruptcy Cramdown Legislation may have reached a roadblock in the Senate. Many experts also believe the increase will continue into 2010.
It will be a challenging time for financial intuitions. Rest assured that Weltman, Weinberg & Reis (WWR) is well situated to handle your needs. With a bankruptcy team of more than 65 employees and growing, WWR is dedicated to handling your bankruptcy matters with increased technological capabilities, during this threat of a surge in filings. With an eye to the future, WWR enhanced its reporting capabilities in order to provide our clients with the data necessary to make business decisions surrounding their ever-changing bankruptcy portfolios.
WWR will continue to keep you updated on bankruptcy trends in order to allow creditors to be in a position to protect their interests in the current environment.
We invite you to partner with WWR in our Bankruptcy blog by reading and sharing with us your questions, concerns and observations in each article's comment section or through our Contact page. WWR feels strongly that we can help you navigate through these challenging times so please join us at http://wwrbankruptcy.com.
Mr. Hochheiser is the managing partner of Bankruptcy with the Real Estate Default Group at Weltman, Weinberg & Reis Co., L.P.A. in Brooklyn Heights, Ohio. Mr. Hochheiser can be reached at (216) 739-5649 or via e-mail at ahochheiser@weltman.com.
Client Advisory is published by Weltman, Weinberg & Reis Co., L.P.A., an organization providing comprehensive creditor representation. The information contained in this advisory is a summary of legal information and is not intended to constitute legal advice on specific matters or create an attorney-client relationship. Contact any of our offices or visit our website at realestatedefaultgroup.com for more real estate related information, company facts and attorney profiles. ©2009