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Nationally, Bankruptcy Filings Are Up, Up, Up

Bankruptcy Filings Have Increased in 2010 [1]Written by Craig D. Robins, Esq
Consumer bankruptcy filings are heading to record levels since the bankruptcy laws were changed five years ago.
According to recent nationwide data, about 1.3 million bankruptcy cases have been filed in the fist ten months of this year. 
Last year, there were 1.2 million bankruptcy filings in the same period.
At this rate, we will likely see about 1.6 million filings by the end of the year. 
The year with the highest number of filings was 2005 when consumers rushed to file their bankruptcy petitions before the new bankruptcy laws [2]went into effect.  In that year there were about 2.0 million filings.
The recession and difficult financial times are the main contributors to the large number of filings.
The trend is also continuing that a larger percentage of consumers ar filing for Chapter 7 bankruptcy relief, rather than Chapter 13.  Currently, about 30% of nationwide filings are Chapter 7.  See my post:  More Chapter 7 Cases Being Filed Nationally — New Trend [3]
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