Rise in Bankruptcy Does Not Encompass Need

According to many bankruptcy experts, despite the rapid increase in consumer filings many in financial straits are not taking advantage of the tool according to a recent article published in USA Today.  University of Iowa law professor Katherine porter stated that despite bankruptcy filings reaching 5 year highs, "the filing rate doesn't even begin to count the depth of the financial pain."

There are many reasons why needy debtors are not getting the help they could.  The article suggests that the 2005 modifications to bankruptcy law made filing more expensive and restrictive. Many have been forced into what the article termed as "shadow bankruptcy", going into foreclosure and student loan default instead of filing for bankruptcy which enables many to avoid this route.

Do not fall prey to "shadow bankruptcy".  Consult a knowledgeable and compassionate Fears | Nachawati Law Firm attorney to explore all available options.