Rise of the Bankruptcy Attorney

The ongoing housing crisis in the United States has been a real challenge for working people from coast to coast. Strongly interlinked with the financial crisis of 2008, the US housing bubble affects hundreds of thousands of people in the United States and millions the world over. Home values suffered significantly throughout the United States and many families who were already in debt could no longer afford a mortgage, bills, and overall family debt. As a result, many were forced to sell their homes at a loss, undergo foreclosure, or declare bankruptcy altogether. Those who worked in the bankruptcy attorney industry saw an increase in demand as millions of Americans were forced to use these services during the crisis.

The advent of the bankruptcy attorney nevertheless signaled a drop in price of homes from coast to coast. States like Nevada and Florida were among the worst hit, experiencing 30-50% decreases in property rates, structural value, and other building structures. As a result, rent prices increased as former homeowners were forced to move into rental properties that were often smaller than their homes. While many were lucky enough to avoid bankruptcy, many others were forced to call upon the services of a bankruptcy attorney to mitigate their financial woes.

Despite the hardships felt by millions of Americans over the last five years, the national economy seems to be rebounding, albeit slowly. Home values are beginning to steady and a viable buyer's marketing is beginning to take shape once again. Unfortunately, American wages are steadily decreasing and in some places, stagnating against rising costs of goods and services and growing wages of the executive class. As such, bankruptcy is still a serious issue even as the economy rebounds. More Americans are filing for a form of bankruptcy than ever before, with numbers exponentially increasing since the 1970s.

In 2010, bankruptcies that involved consumer debt over $246,000 beguiled the once most prosperous and populous parts of the country. Those that declared bankruptcy due to debt per consumer at this rate were found in Hawaii, California, Arizona, Nevada, and western Washington. On the east coast, affected states dominated New England, eastern North Carolina, Virginia, and Florida. Strikingly, the least affected areas of the United States were found in the Midwest and along the Mississippi river, with Louisiana being one of the least affected states from both the financial and housing crises. North and South Dakota, Oklahoma, Nebraska, and Kansas were also among the less affected.

For those looking for the best bankruptcy services in their area, it would be wise to take time to research the firm or office that advertises their business. As many Americans are finding themselves forced to deal with these types of services in the current state of the economy, it is of the utmost importance that consumers approach or find the services of well-vetted, experienced professionals who have a stake in providing the best information and resources to their customers.