Weak Economy = More Bankruptcy? Think Again.

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Weak Economy = More Bankruptcy? Think Again.

It has been nearly four years since the Bankruptcy laws were amended by the federal government.  Bankruptcy law is and continues to be a viable option for many individuals, married couples and businesses alike.  On a daily basis Sadek Law Offices, LLC, by virtue of bankruptcy laws and protections continues to discharge credit card debt, personal loan debt, medical debt, payday loans, collection balances, and stays mortgage foreclosure and tax sales on behalf of clients.

Despite the stagnant at best state of our economy, bankruptcy filings have surprisingly decreased from their 2004 and 2005 peak average of 26,113 in the Eastern District of Pennsylvania Bankruptcy Court, which has jurisdiction over Philadelphia and other counties’ Bankruptcy filings.  For fiscal year 2008, despite the economic woes of the housing industry, stock market and reported increase in mortgage foreclosures bankruptcy filings in the Eastern District of Pennsylvania totaled 11,118.    There is no clear answer for the decrease in bankruptcy filing statistics, maybe there was an unprecedented rush to file in 2004-2005 or maybe the public thinks bankruptcy no longer exists.  The bottom line is that bankruptcy still exists and we are committed to walking each client through the bankruptcy process and obtaining the vast amount of relief still and continuing to be available to you.   Each client that contacts our office is welcome to a free and confidential in-office bankruptcy consultation with a Philadelphia bankruptcy attorney.

If there are any general questions or topics you would like to read about relating to bankruptcy law, you may contact Sadek Law Offices, LLC at 215-545-0008 or email brad@sadek-cooper-site.  Thank you.

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