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Bostonian's are waiting for their economy to spring back to where it was before the housing crisis started. There are some statistics supporting that it is slowly beginning to improve. However, some show that the annual rate of bankruptcy in Boston, Massachusetts was higher in 2010, than it was in 2009 and 2008. Boston bankruptcy lawyers have noticed this increase. Below are some 2010 statistics:

Boston Bankruptcy Filings (for 51 weeks of 2010):
Chapter 7 and 13 personal filings were up 2 percent over the same period in 2009. But, 2009 personal
filings were up from 2008 by 33 percent.
Chapter 11 business filings were up 46 percent over the same time period in 2009. The total number was 185. In 2009, it was up 33 percent from the same time in 2008.

Boston Debt Level $24,670 personal debt owed by each person for the month of March, 2010 per survey.
Was listed number 15, out of 20 metropolitan areas for debt level. One being the lowest and 20 the highest.

Leading Causes of Bankruptcies in Boston and other surrounding areas:
Higher than normal unemployment rate.
Mortgage debt where consumers owe more money on their homes than it is worth.
High medical debt, usually from unexpected illness and accidents.
High credit card debt, which most often stems back to using their credit cards to live on while unemployed and/ or incurring medical debt.

State of Massachusetts Bankruptcy Filings:
Chapter 7 and 13 personal filings were 23,041.
Chapter 11 total business filings were 577.
Total bankruptcies filed were 23,618. This is an approximate 8.5 percent increase from 2009, which had a total of 19,880 filings.

United States Bankruptcy Filings:
Chapter 7 and 13 personal filings were up by approximately 8 percent.
Chapter 11 business filings were up by 7.5 percent.
Total amount of bankruptcies was 1,593,081 an increase of 119,406 from 2009.
Total amount of bankruptcies in 2009 was 1,473,675.

Number of Practicing Lawyers in Massachusetts (including Boston Bankruptcy Lawyers):
Over 40,000, with a high concentration of them in Boston

Number of Practicing Lawyers in the United States:
1,116, 967

There are a lot of reasons why consumers choose bankruptcy. About 75 percent of the consumers who choose to file bankruptcy do so because of bad and unexpected circumstances. Boston bankruptcy lawyers know that this is the only way, sometimes, for them to get a fresh new financial start.

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