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August 8, 2008

Bankruptcy Filings Increase Again in July, 2008

Total bankruptcy filings for July, 2008 were 96,355, up from 69,059 a year ago, a 39% increase.  Is that a lot?  At that rate, the third quarter of 2008 would total 288,000 filings.  Every quarter since the 2nd quarter of 1996 (other than post-BAPCPA quarters) has exceeded that amount.   Total filings for the 2nd quarter 2008 was 272,000 and 240,000 for the 1st quarter.

I remain convinced that the hurdles Congress threw in front of debtors have been wildly successful.  The hurdles are the increased cost in terms of attorneys fees, the credit counseling, and the means test FORM (not the means test itself).    

August 8, 2008 in Bankruptcy Statistics | Permalink

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