December 4, 2008
Bankruptcy Filing Statistics for November
Total bankruptcy filings in November reached 91,355 compared to 108,595 in October. November had only 18 business days so the decrease is not really there. On a daily basis, the filings were slightly higher in November. Filings for 2008 will reach about 1.1 million. This is still well below every year pre-BAPCPA going back to 1995. For example, 2004 filings were 1,597,000; 2003 were 1,660,000; 2002, 1,577,000; 2001, 1,492,000. In other words, filings in 2008, a disaster of a year financially if there ever were one, are 31% less than 2004, 2003 and 2002 each.
I remain convinced that filings are way down because attorneys fees are way up and the hassle, i.e., the credit counseling, the paycheck stubs for 60 days, the means test, turnover of tax returns, etc. chases prospective filers away. The credit card companies have gotten what they thought they wanted. Pre-BAPCPA, I'll bet more people filed and went out and started using credit cards again and now they are just hiding from the collectors. No new cards, no new ridculous terms.
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Is there any proposal to repeal the so-called "2005 Bankruptcy Reforms". Going back to some sanity, it doesn't work in ch. 7 nor does it work in ch 11 except for the creditors.
Posted by: J ack | Dec 5, 2008 11:34:59 AM
Their is much discussion that the Obama administration will push to make changes to the current bankruptcy laws in an effort to help stemp the current economic crisis. Filing bankruptcy in 2009 will become easier over time.
Posted by: 1Clickbankruptcy | Jan 27, 2009 2:27:59 PM