The number of bankuptcy filings in San Antonio experienced a huge spike in July of this year. There were a total of 469 filings under both Chapter 7 and Chapter 11 combined. This is a 66% increase from the 283 filings of July 2008.

The first seven months of the year altogether are not as bad. In that period, there were 2,878 filings; a 32% increase from last year. The national average increase for this period is closer to 35%.

If you are considering bankruptcy, contact the Galveston bankruptcy lawyers of Gipson, Norman & Root at 409-765-6000.

Reader's Digest went private in 2007, buying back stock from shareholders. However, in order to facilitate this change, the company needed to borrow a large amount of money.

The company has not been performing as well as expected recently, and is now suffering from its privatization. However, its bankruptcy plan will help it cut debt from $2.2 billion to $550 million.

If you are considering bankruptcy, contact the Galveston bankruptcy lawyers of Gipson, Norman & Root at 409-765-6000.

July showed the nations highest rate of consumer bankruptcies since October 2005 when BAPCPA was passed. There were 126,434 filings over the course of the month with only 28.3% of those being under Chapter 13.

This was a 34.3% spike in filings from July 2008 and an 8.7% jump from June 2009. Unemployment, which currently stands at 9.5%, had a large role in the increase in filings.

If you are considering bankruptcy, contact the Galveston bankruptcy lawyers of Gipson, Norman & Root at 409-765-6000.