South Florida Bankruptcy Lawyer

Across Iowa, bankruptcy filings have increased 12% in the first eight months of 2008 (compared to the same timeframe in 2007).  In fact, even though a new law was passed in 2006 making it more difficult for individuals to file for bankruptcy, more Iowa residents have already filed for bankruptcy this year than in all of 2006—currently, a total of 5,143 individuals.

Experts say that several economic conditions have led to this increase.  Perhaps, most notably, are difficulties in the housing market.  As the number of home sales across the state has fallen, individuals are finding it hard to get out of mortgages they can’t afford.

Additionally, unemployment in Iowa has hit its highest point in three years, reporting 4.3% unemployment.  The lack of income for many Iowans combined with mortgage troubles has led to financial crisis for a number of individuals.

Katie Porter, a professor of law at the University of Iowa, has indicated that most people filing for bankruptcy in Iowa are not doing so in order to save their homes, but to get out of the debt they accrued while trying to save their homes themselves. 

If you are experiencing financial crisis and are considering filing for bankruptcy, contact the South Florida bankruptcy lawyers of Eric N. Klein & Associates, P.A. at 561-353-2500.