Bankruptcies on the rise nationwide

A straining economy is causing more bankruptcies nationwide

According to bankruptcy lawyer Bob Anderson, people filing for chapter seven and thirteen are up 30 percent from one year ago.

Anderson says the difference is that a chapter seven filing eliminates nearly all of your debt, while chapter thirteen allows you to set up a payment plan.

Here in our area, Anderson says home owners struggling to make mortgage payments have been most affected.

“It’s the perfect storm and a lot of people who heavily invested in real estate are really hurting. I’ve had countless people sitting in front of me who bought 8 or 10 pieces of property that they can’t do anything with. They can’t five them away,” said Anderson.

Anderson suggests people who are having real estate trouble and are considering bankruptcy as an option, should speak with a bankruptcy lawyer as soon as possible.