Bankruptcy, Law Firms, and Everything In Between

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Ft smith bankruptcy attorney

In 1980, businesses accounted for 13% of bankruptcies. Today, they account for about 3%. Now more than ever, there is great importance in hiring a bankruptcy law firm to help you with bankruptcy. Here are all of the facts on dealing with a bankruptcy case, and the benefits of hiring bankruptcy lawyers from a bankruptcy law firm.

The annual cost of civil lawsuits to the U.S. economy is $239 billion. Only 2% of personal injury tort cases actually go to trial; the rest is handled outside of the courtroom. This is importnat to keep in mind because personal injuries can sometimes lead to people filing for bankruptcy. This bankruptcy claim comes from the fact that there will be overwhelming medical expenses involved in this case.

Almost 20% of federal civil personal injury lawsuits result from vehicle crashes, 13% result from products liability injuries, and 10% result from medical malpractice. At any given daylight moment across America, approximately 660,000 drivers are using cell phones or manipulating electronic devices while driving. Injuries and damage that comes as a result of a car accident can lead to bankruptcy and you will want a bankruptcy law firm to help you out.

Five seconds is the average time your eyes are off the road while texting. When traveling at 55mph, that’s enough time to cover the length of a football field blindfolded. Drunk driving costs the United States $199 billion a year. Each day, people drive drunk almost 300,000 times, but fewer than 4,000 are arrested.

In the year of 2014, 97% of bankruptcies were personal and 3% were business. This means that people are usually dealing with bankruptcies as a result of their personal life and not money that they lost when opening up and running their own business. Keep this in mind when you set out to get the help of a bankruptcy law firm.

A recent Harvard University study showed that medical expenses account for approximately 62% of personal bankruptcies in the United States. Statistics show that student loans account for at least 1% of all U.S. bankruptcies, which translates to roughly 15,000 bankruptcies a year. So many people will hire a bankruptcy law firm for plenty of different reasons.

The top 5 states with the most bankruptcy filings in 2014 include California, Florida, Illinois, Georgia, Ohio. Bankruptcy filers must pay a filing fee. For a Chapter 7 case, the fee is $335. For a Chapter 13 case, the fee is $310. Fewer than one in four Americans have enough money in their savings account to cover at least six months of expenses in the event of an emergency.

In Conclusion

Every single year there are people who will need the help of a bankruptcy law firm. This can come as the result of a car accident that deals them a serious personal injury. This can also come as the result of someone in a marriage filing for divorce. Divorce lawyers are expensive and the court proceedings will cause people plenty of money. As a result, those involved may need the help of a bankruptcy law firm.

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