The Latest Bankruptcy Stats
This just in: Bankruptcy filings in 2005 hit record highs, with nearly 2.1 million filings for debt protection, up 30 percent from 2004.
This is really no surprise. After all, a new bankruptcy law took effect in mid-October making it harder for consumers to completely wipe out their debts. As a result there was a last minute surge of bankruptcy petitions in October; more than 630,00 petitions were filed that month, nearly a third of the entire year's total.
For more details and numbers, visit the Web site full of bankruptcy statistics from the U.S. Courts.
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March 24, 2006; 12:31 PM ET
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Posted by: David Levine | March 24, 2006 2:09 PM
Not to mention the bankruptcy rules changed in the fall and people scrambled to file before the changes were made.
Posted by: DC | March 28, 2006 9:42 AM
What a great column! Wish I could subscribe just to it. Thanks.
Posted by: Tafmon | April 5, 2006 1:00 PM
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The stats for 2006 will be interesting. There are a lot of factors that could drive bankruptcies up dramatically. It is harder and harder to be a lower middle class person in America without being caught in the web of either a health crisis (with or without insurance), or an unexpected job loss. The credit card industry is always standing by to make its cruel mischief....