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Is the Dip in Chicago Bankruptcy Numbers a Sign of Better Times

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Is the Dip in Chicago Bankruptcy Numbers a Sign of Better Times

The first quarter of 2010 came in with Chicago's bankruptcy filing numbers higher than they have been since the laws where changed in 2005. In April there was an almost 10% decrease in filings, which followed the general trend through out the Nation. Is this decrease in bankruptcy filings a sign that Chicago's economy is improving.

If you ask a Chicago Bankruptcy Lawyer this question, the answer you will get will probably be, no. The trend of lower bankruptcy filing numbers really offers no evidence of economic improvement. Generally it has more to do with the decline in debts that Americans have taken on in the past 3 years. When people take on less debt the need for bankruptcy and discharging of debt decreases. Also, the decline in bankruptcy filings comes from more lenient lending practices. When things get tight consumers are able to turn to borrowing the money they need to avoid bankruptcy.

There were a total of 80,663 bankruptcy filings in Illinois in 2010. 76% of these being chapter 7. 45,436 of these coming from the Chicago area alone, with 32,291 being Capter7 and 12,866 Chapter 13. Overall in Illinois, the total bankruptcy filing numbers increased by 10% in 2010 over the numbers of 2009 . Which ranks the state 14th highest increase in the nation. With the national standard being 9 %. So the decrease in the middle of the year really only brought the numbers back down, close to where they where in 2009. So there was not actually a decrease in the number of bankruptcies being filed.

This is a fact that can be attested to by the Chicago bankruptcy lawyer. For the nearly 400 bankruptcy lawyers in the Chicago area, business has been as busy as ever. Even the case of chapter 11 filings are on a rise. Many of Chicago's business are struggling with the decrease in spending. With companies unable to pay their expenses they are turning to bankruptcy as a last resort. Even the former mayor of East Chicago, Robert Pastrick is not safe from bankruptcy. He recently filed for chapter 7.

With a 10% rise in bankruptcy filings from 2010 over 2009 and the Chicago Bankruptcy Lawyer being as busy as ever, it seems that economic hardships may not be a thing of the past for the people of Chicago.

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Troy Gleason

Gleason & Gleason

Gleason & Gleason

77 W Washington
Suite #1218
Chicago, IL 60602

Office (800) 209-1477