Vermont Bankruptcy Courts See 44 Percent Increase
admin on November 26th, 2008
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Vermont’s bankruptcy rates have surpassed the national average. The small northeastern state has experienced a 44 percent increase in bankruptcy filings since this time last year. Of the various forms of bankruptcy, Chapter 7 bankruptcy filings have increased by 66 percent in Vermont over the past 12 months. Chapter 7 bankruptcies provides its petitioner the ability to liquidate non exempt holdings to satisfy any debts and receive a financially “fresh start.”
Chapter 13 bankruptcy allows the filer the ability to maintain property and re-organize debt and allowing many its filers maintian their homes. In Vermont, chapter 13 bankruptcies are not keeping pace with the national average, but have seen a signficant increase. Vermonters worsened and record economic state is seen as a result of the nation’s fallen home prices, flattened incomes and dried lending channels
