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Bankruptcy Filings Are Up but It Should Be a Last Resort
For 1 in 125 Households in America Bankruptcy Has Become the Only Option in Reducing Debt Morgan Drexen Says It Should Be a Last Resort. Every Effort Should Be Made to Negotiate with Debtors.
LOS ANGELES, CA, August 20, 2010 /Banking and Financial PR News/ -- Consumer bankruptcy filings rose in July, yet is seems the Southern states are showing a sign of improvement. Filings rose 9% in July compared to this time in 2009.
Optimism rose as bankruptcy filings declined in April and continued for three consecutive months. Sadly in July, that trend was dramatically reversed. July saw filings rise to 139,000 compared to 127,000 in June.
Morgan Drexen CEO Walter Ledda says, "The attorneys that we support nationwide have seen an increasing number of consumers who want to file for bankruptcy. The attorneys supported by Morgan Drexen, in general offer a range of solutions from, debt resolutions services on a non-formal platformto chapter 7 services. Although our aim is always to negotiate and facilitate a solution to avoid the adverse affects that bankruptcy can cause."
Morgan Drexen support attorneys throughout the nation by providing automated software services, and the support network that has evolved. This network provides access to attorneys across America.
About 1 in every 125 household in America file for bankruptcy. California, Arizona, and Utah are amongst the highest states whose residents are filing bankruptcy. The highest filings generally are in the Southwest and Southeast.
Nevada has substantially more than twice the national filing rate. For Phillip Sindlinger it was his addiction to video games, a growing family, and medical costs that caused his debt to rise. In a recent and candid interview Phillip admits that he was irresponsible.
"My wife and I were frankly a little bit irresponsible. We were accumulating debt and not being careful about it. I had one consumer unfriendly debt, which I hadn't been able to pay off or make headway with. The attorneys and Morgan Drexen settled that thing right away. I went through consumer credit counseling and they always counsel against settlement programs. But it worked for me."
As a teacher Phillip hopes that his students are more financially savvy than he was.
For many consumers who have already trodden the bankruptcy trail, they are regretful. Phillip had previously filed for bankruptcy in 2001. " I regret that decision, I had really good credit. I learned very quickly the way the system punishes bankruptcy."
Ledda, " The attorneys we support have an evolving service which allows for a change in the consumers financial circumstances, but their bankruptcy services are a last resort. The attorneys are fast approaching 1000 consumers who have successfully completed the debt resolution program. At Morgan Drexen we are proud to have played a part in that success."
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