Economic Trends In Nevada

Good Nevada bankruptcy attorneys know that they must keep a watchful eye on economic trends and patterns in their area. By doing so, Nevada bankruptcy attorneys can, to some degree, predict whether their caseload may increase or decrease. Economic indicators that are of particular concern or interest to Nevada bankruptcy attorneys are things like the unemployment, bankruptcy and foreclosure rates for a given area.

Over the past three years, the state of Nevada has experienced a very noticeable increase in personal bankruptcy filings. For example, in 2007 there were just under 11,000 total personal bankruptcy filings in Nevada. Of that number, an overwhelming majority, 61% were filed. Approximately 70% filed under a chapter 7 while the other 30% filed under a chapter 13. In 2008 by contrast, there were more than 18,000 total personal bankruptcies filed. Approximately 70% filed under a chapter 7 while the other 30% filed under a chapter 13. In 2009 by comparison, there were nearly 30,000 total personal bankruptcy filings. Just as the total amount of personal bankruptcy filings increased year to year so did the increase per chapter as chapter 7 filings rose to an astonishing 73% while chapter 13 filings declined to about 27%.

One can use this information and analyze it according to their need. Just as bankruptcy rates are relevant to bankruptcy attorneys so too is the unemployment rate of the state they practice in as well as neighboring states. The current unemployment rate in the state of Nevada is 13%. This is a little higher in comparison to the national unemployment rate of 10%. Recent studies have revealed a direct correlation between unemployment rates and bankruptcy rates. Both of these can influence one's caseloads so staying abreast of this information can help one be prepared to effectively manage or handle their professional responsibilities.



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