New Las Vegas bankruptcy data and Nevada bankruptcy data released by the government last week details just how bad the Nevada bankruptcy situation remains. The data set paints a grim economic picture, reinforcing the need for an experienced bankruptcy lawyer to help guide you through the process at a time when Nevada bankruptcy courts are experiencing unprecedented case volume.
In Nevada, 24,765 new consumer cases were filed in the first ten months of 2009; a 62% increase over the previous year. Specifically, over the previous year Nevada Chapter 7 bankruptcy filings increased by 75%, Nevada Chapter 13 bankruptcy filings were up 50%, and Nevada Chapter 11 bankruptcy filings increased by 38%.
Thus, it comes as no surprise that Nevada ranks first in bankruptcy filings per capita in 2009. The top five states for bankruptcy filings per capita in 2009 are Nevada with 10.58 per 1000 population; Tennessee at 8.52, Georgia at 7.39, Alabama at 7.35, and, 7.30 in Indiana.
Unfortunately, the upward trend of new filings shows no sign of abating. In Nevada, there were over 2,789 new filings in October of 2009, or a 60% increase overall compared to October 2008. This amounts to the second highest monthly total since Congress enacted the new bankruptcy laws in 2005. With Nevada’s unemployment rate remaining over 13%, bankruptcy filings are expected to continue to increase and possibly exceed 30,000 in 2009.
A full-service Las Vegas law firm can help you navigate the complexities of the bankruptcy process, explain the crucial differences between different sorts of filings, and design a personalized bankruptcy legal strategy for your specific circumstances.
Randy M. Creighton, Esq.
