Law Offices of Rich Reister sees surge in Chapter 7 Bankruptcy Filings

The Law Offices of Rich Reister (www.reisterlaw.com) is a Debt Relief Law Firm that has seen a recent surge in Bankruptcy filings.  The increase in bankruptcy cases still tends to surprise many people. In October 2005, Congress passed a new bankruptcy law that was confusing, and it looked like it would prevent people in debt from getting relief. The workload gathering up on the desks at this law office would prove otherwise.  It seems that almost everyone who comes into this office qualifies for a Chapter 7 Bankruptcy under the new law. After more than two years since the law has passed, people are coming to realize that Bankruptcy is still a viable option for debt relief, and this awakening couldn’t have come at a better time.

When the U.S. economy is doing poorly, many Americans are suffering financially. The majority of cases that come through this office are changing from credit card debt relief to foreclosures and small business loans relief. These types of cases show how everyday people sometimes hit a pitfall in the road due to things that are out of their control. A great example of this is the stagnant real-estate market. Homeowners and investors are having a hard time selling their houses which could mean trouble if they are in a financial pinch.  

Chapter 7 Bankruptcy is the kind of Bankruptcy where you get out of debt quickly, usually in about 3-4 months, without paying back most creditors. This allows people to make a new run at a debt free life. With the perceived difficulty of the new Bankruptcy law fading, it seems that more people are using Chapter 7 Bankruptcy to get back onto their feet in these critical times.