Keeping Abreast Of New Orleans Bankruptcy Statistics - By: ArticleSubmit Auto

It is a good idea for a New Orleans bankruptcy attorney to regularly keep abreast of economic statistics that can indicate growing trends, phenomenon and epidemics. In addition to simply being informed, a New Orleans bankruptcy attorney can be affected by major changes, especially with the economy being as unpredictable as it has been for the last few years. After evaluating such information, a New Orleans bankruptcy attorney can undoubtedly form their own conclusions.

For example, when viewed in comparison with the national unemployment rate, the state of Louisiana is faring quite well. Currently, the state boasts a modest unemployment rate of about 7.5%. This is in stark contrast to the national unemployment rate of 10%. This could have something to do with the major revitalization of the city of New Orleans since the mass destruction that Hurricane Katrina bought nearly five years ago.

Massive efforts have been underway since the devastation of Hurricane Katrina to rebuild the city of New Orleans. This may be a reason why the numbers are not higher than they are but they are still growing, if not inching, nonetheless. For example in 2007, almost 14,000 people filed for personal bankruptcy. Of that 14,000, an overwhelming majority, approximately 68% decided to file under a chapter 13 while the remaining 32% opted to file under a chapter 7. In 2008 by contrast, the total number of personal bankruptcy filings rose slightly to a little over 15,000. Still, the overwhelming majority, 65% decided to file under a chapter 13 while the other 35% went with a chapter 7. In 2009, that trend continued to grow as the personal bankruptcy filings exceeded 18,000. The chapter selection remained steady though with 65% filing under a chapter 13 and the other 35% filing under a chapter 7. While open for interpretation, these statistics can be extremely useful for a New Orleans bankruptcy attorney.

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