Written by Craig D. Robins, Esq.
Last month, for the first time since the Bankruptcy Amendment Act had the effect of radically changing the bankruptcy laws in October 2005, the daily number of nationwide filings surpassed the 6,000 mark.
This represents a whopping increase from last year of over forty percent.
Professor Robert Lawless, of the University of Illinois College of Law, provided some interesting commentary on these statistics in a post this week appearing in the Credit Slips blog . He suggests that if bankruptcy filings continue at this level, there will be about 1.5 million bankruptcy filings this year. That is right on par with the level of filings from 2005, just before the bankruptcy law changed.
Chart courtesy of Robert Lawless, Credit Slips