August Bankruptcy Filings Down 8% From July But Still On Record Pace
Historically, August bankruptcy filings are usually less than July. This July we saw an 8% drop in consumer bankruptcy filings across the nation. This statistic does not mean that we are in a recovery, and please don't assume anything than it is just a number.
Overall, across the United States, consumer bankruptcy filings are still high and are near the 2005 mark. In 2005, Congress overhauled the bankruptcy laws to protect consumers. Yea, thanks guys, after seeing what a job they did on the bankruptcy code, I can't wait to see how the health care system works. I mean you guys run Social Security, Medicare, Fannie Mae, Freddie Mac, the Post Office and most recently took on Wall Street. I'm convinced that we have nothing to fear.
Consumer bankruptcy filings should end the year over 1.5 million people and they may even reach 1.6 million people.
Again, this is only a statistic - a number if you will. But, then again, it could have something to do with the economy or lack of an economy. I don't know, just thinking out loud.
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, Naples and 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, www.faircreditreportingactblog.com and www.fairdebtcollectionpracticesactblog.com, and the firm's mortgage modification blog.
