Map highlights bankruptcy difficulties in the Southwest
California, Nevada and Arizona are seeing high levels of mean net scheduled debt.
According to a recent report, and has been the case for some time now, California, Nevada and Arizona were among the top states seeing consumers filing bankruptcy last year.
The Administrative Office of the U.S. Courts, in an effort to help consumers educate themselves about bankruptcy statistics, launched an interactive map that will allow people to compare their locale with others. By hovering a cursor over a particular state, visitors can get an idea the amount of mean net scheduled debt in their state.
That number highlights the disparity between the average total amount owed by a consumer versus how much cannot be settled through filing bankruptcy. For example, Arizona's mark is $284,062, while Nevada's is $303,434.
The map of California, which is divided into its bankruptcy court divisions, posts even higher levels. The Northern District alone saw a mean net scheduled debt of $450,128.
The information comes while 2010 is expected to see the highest amount of bankruptcy filings since new federal laws took effect in 2005. Through them, filing for Chapter 7 bankruptcy protection was made more difficult, forcing consumers to opt instead for Chapter 13.
Related Articles
- California Bankruptcy Court eliminates certain paper notices -- The court said it would stop issuing mailings to addresses deemed undeliverable by the U.S. Postal Service.
- Los Angeles shows drop in defaults -- Nationwide decline also reported.
- Bankruptcy filings could exceed 1.6 million -- Throughout the year, Nevada has seen the highest rates of those filing bankruptcy in the country, while the entire nation could see 1.6 million by the year's end.
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