October Bankruptcies Up 40%
As a Consumer Bankruptcy Attorney, I am constantly being asked about the topic of bankruptcy and when we will see an end to the number of bankruptcies being filed. The answer always is: No time soon. October is the perfect example of why there will be no shortage soon. In October 2008, over 105,000 bankruptcy cases were filed in the United States. Unfortunately, I could not get the exact number before writing this blog.
The number of consumer bankruptcy cases filed in 2007 was over 822, 500. This year we have over 880,000 already filed with approximately another 175,000 to go, which will put us at over 1 million bankruptcy filings for 2008.
If I am not mistaken, this is the first month that bankruptcy filings have topped the 100,000 mark since before the change in the bankruptcy laws in October 2005. Interestingly, the change in the bankruptcy laws in 2005 was designed to prevent the fraud in the bankruptcy court system. Obviously, this didn't happen the way it was supposed to. Secondly, the credit card industry and the mortgage industry was allowed to run amok, thereby causing some of the problems we have today. Obviously, everyone has an opinion on this issues and my ideas are my own. I'm sure there are as many opinions as there are bloggers in the blog-o-sphere. So, I will not elaborate on this topic.
This post was submitted by Carmen Dellutri, Esq., founder of The Dellutri Law Group, P.A. Currently, the firm has offices in Port Charlotte, Fort Myers, and Naples and has expansion plans for Sarasota. Mr. Dellutri also sits on the Board of American Board of Certification. Mr. Dellutri is also one of the founders of the Bankruptcy Law Network, Debt Law Network, Credit Law Network, and Mortgage Law Network. Mr. Dellutri also writes for the firm's personal injury litigation blog.
