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Job Loss, Credit Crunch Driving Bankruptcy Inquiries


As America closes out 2009 with roughly 1.45 million bankruptcy filings, a new survey reveals the possible economic factors behind the surge. The statistics are based on a December 2009 survey of 1,000 people contacting Total Attorneys to connect with a bankruptcy lawyer.

Chicago, IL, December 24, 2009 --(PR.com)-- As America closes out 2009 with roughly 1.45 million bankruptcy filings, a new survey reveals the possible economic factors behind the surge.

The statistics are based on a December 2009 survey of 1,000 people contacting Total Attorneys to connect with a bankruptcy lawyer.

The Economic Factors Survey
When asked which economic factor (job loss/wage reduction, the credit crunch, increased mortgage payments, gas prices or food prices) forced them to consider bankruptcy, 57% of respondents cited job loss/wage reduction.

“Widespread, long-term job loss means many people don’t have the income to cover basic living costs,” says Kevin Chern, bankruptcy attorney and president of Total Attorneys. “Bankruptcy may be a way for people to protect their homes and regain control over their finances.”

The Bankruptcy Relation Survey
In an indication of how much the bankruptcy idea has spread, 10% of people polled said they know three or more people who recently considered bankruptcy.

“Bankruptcy isn’t something that happens to someone else,” says Chern. “It’s not a sign of failure or irresponsibility. For many people it’s a way to protect their family.”

Medical Bills & Bankruptcy
While job loss may be a major economic factor behind recent bankruptcy inquiries, medical bills are a major personal factor.

Check out Total Bankruptcy’s infographic, Health Care & Bankruptcy.

View the full press release with charts and graphics: http://www.totalbankruptcy.com/blog/bankruptcy-survey-2009-results/

Stay in Touch
Subscribe to Total Bankruptcy’s blog, The Bankruptcy Blog, for access to bankruptcy-related statistics as they are published: http://www.totalbankruptcy.com/blog/feed/

About Total Attorneys
Total Attorneys (www.totalattorneys.com) is a managed service provider that helps small law firms and solo practitioners grow their businesses while achieving a healthy work-life balance. Founded in 2002, Total Attorneys has seen revenue grow more than 9,000 percent over the past five reporting years. TotalBankruptcy.com (www.totalbankruptcy.com) is an affiliated Web site of Total Attorneys.

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Contact Information
Total Attorneys
Meaghan Olson
312-496‐6050
Contact
www.totalattorneys.com

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