Bankruptcy filings surged in '07 (up 38%)

[sabra]

Source: Chicago Trib

<snip>

Bankruptcy filings in federal court increased 38 percent in 2007, to more than 850,000 people nationwide, the administrative office of the U.S. courts said Tuesday.

That's significant because the numbers dropped precipitously in 2006 following passage of the Bankruptcy Abuse Prevention and Consumer Protection Act, which made it more difficult for individuals to discharge their debts.

After that act was passed by Congress, filings fell 70 percent. Some of that was attributable to some filing before the act became law in October 2005. That year saw some 2 million bankruptcy filings.

Perhaps tellingly, filings involving business debts, as opposed to consumer debts like credit cards, saw the greatest increase. Those spiked 44 percent in 2007.

Read more: http://www.swamppolitics.com/news/politics/blog/2008/04/bankruptcy_filings_surged_in_0.html

[ladywnch]

1. gee, almost like the banks and lenders KNEW tin 2004 his was all going

to fall apart and got their bill passed in preperation for it.

[saigon68]

5. Yes and that bill is an abomination

Old ladies filing against the greedy doctors last illness for the deceased husbands bills forced to take "Creditor education courses to avoid being spendthrifts.

[Faygo Kid]

2. Thanks, Hillary, for your vote for the abominable bankruptcy act.

Have another shot and a beer and tell us how you love them common folks.

[saigon68]

7. Yes she is making more "common" freinds every day

Get those lazy people out to pick lettuce

[MidwestTransplant]

3. I bet there are at least that many in the first half of this year.

[BadgerKid]

4. See? The surge is working! (sarcasm) n/t

[Supersedeas]

6. but it's simply a 'real estate' bubble....to here the Establishment media tell it