Bankruptcy Filings On A Steady Climb
While there was a significant dip in the number of bankruptcy cases filed after the new Bankruptcy Act was passed last year, the trend seems to be changing now. Local and national statistics show filings may start to rise again as the second quarter of 2006 shows a a 53.5 percent increase in filings, from 55,671 in the first quarter to 85,449 in the second quarter. Bizjournals.com reports:
Bankruptcy attorney Jeffrey Freedman, senior partner at Jeffrey Freedman Attorneys at Law, said the perceived increase may be due to people’s changing believes that they couldn’t file Chapter 7… He said rising interest on adjustable-rate mortgages and high energy prices may prompt more people to file for bankruptcy if they are on the brink of a financial crisis.
Read more: Bankruptcy filings on rise in spite of new restrictions
If you enjoyed this article, please bookmark it at del.icio.us »
September 9th, 2006 at 3:48 pm
This is very sad news. Many families are suffering from bankruptcy. There should be more protection from the government. Bankruptcy is becoming a common problem in every part of the world.