According to federal data, Chapter 7 bankruptcies have risen by more than 40 percent since 2007. This significant rise is likely caused by a number of factors.
For instance, the recent economic crisis has led to lower incomes for many people. With these lower incomes, some people have struggled to make debt payments. Unable to cover these obligations, many people have been forced into Chapter 7 filings.
If you or anyone you know is considering filing for Chapter 7, contact the Birmingham Chapter 7 bankruptcy lawyer Paula Greenway at (205) 324-4000.