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The first quarter of 2010 was not a good sign for Chicago's economy improving. The bankruptcy numbers where the highest they have been since 2005. April brought in a little relief for those that where keeping an eye on the statistics, because there was a 10% decrease in filings. Those numbers followed the general trend through out the country at the time. So is this decrease really a sign that the economy is improving? With the business that the Chicago Bankruptcy Attorney is still doing it would appear not.

Unfortunately, this trend of lower bankruptcy numbers is due more to the decline in debt that Americans are willing to take on. Since people have decided that in this lean time that they are going to buy less on credit and not put themselves into so much debt, there is not as much need for the Chicago Bankruptcy Attorney. Which in turn makes it look like their as been improvement in the economy. Another point to consider is that in tight times lending practices become more lenient. This makes people more apt to borrow the money they need to pay off their debt rather than file bankruptcy.

In 2010 there was a total of 80,663 bankruptcy filings in Illinois. 76% of these being chapter 7. 45,436 of these came from the Chicago area alone, with 32,291 being Capter7 and 12,866 Chapter 13. Overall in Illinois, the total bankruptcy filing numbers increased by 10% in 2010 over the numbers of 2009 . Which gives the state the 14th highest increase in the nation. With the national standard being 9 %. Which means that the decrease in the middle of the year just brought the numbers back down close to where they where in 2009. So unfortunately there was not actually a decrease in the number of bankruptcies being filed.

The Chicago Bankruptcy Attorney can attest to this fact, because the 388 bankruptcy lawyers that are in the Chicago area are as busy as ever. With the even tide of chapter 7 and 13 bankruptcies that come through their offices, they are also now seeing a rise in the number of chapter 11 bankruptcies that are being filed. With as much as the Chicago bankruptcy Attorney's business is still booming, the other businesses in the area are not. With people tightening their belts, they are not spending enough to keep local businesses afloat. .Many of them are closing their doors and filing for Chapter 11 bankruptcy.

With the shaky economy being a national problem, the people of Chicago are not alone in this time of trouble. We will keep our eye on the numbers and hope that the next fall in the bankruptcy stats brings better news with it.

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Kerrie S. Neal

Zalutsky & Pinski LTD.

Zalutsky & Pinski LTD.

111 W. Washington St.
Ste. 1550
Chicago, IL 60601

Office (800) 517-4652