Repeat Bankruptcy Filings Up in 2012: Bankruptcies Getting Longer

According to statistics recently released by the United States Federal Courts, 30 percent of individuals who filed for Chapter 13 bankruptcy had filed for bankruptcy within the past eight years. Some of the legal implications of a second filing for bankruptcy can be found here.

According to the same report, it took between 115 and 205 days from the date of filing for bankruptcy for the debtor’s proceeding to be completed. This time frame is important to keep in mind when filing for bankruptcy; while many of the forms are available online, it is generally advisable to seek professional legal counsel in navigating this complicated process.

The report also noted that creditors’ efforts to collect debts, even during the bankruptcy process, have been increasing. This is in spite of the fact that such actions – known as creditor misconduct – could expose credit agencies or other groups attempting to collect a debt to serious fines by the federal bankruptcy courts.

In Alabama, almost ten thousand individuals or businesses filed for bankruptcy in 2012. If you are considering filing for bankruptcy, or simply wish to discuss the bankruptcy process and potential options with an attorney, please contact Parkman and White, LLC at (855) 569-1678. Our attorneys are familiar with the Bankruptcy Code and can answer questions regarding your rights.