Are Bankruptcies On The Rise?

[Dollar Bill]

Just curious, is there a way to find out if bankruptcies are on the rise at all?

The holiday is over and the economy is dragging, and there is an increase in foreclosures. Is there usually an increase during a certain time of year?

I am expecting to file in June. Would it be advantageous if the BK courts were overwhelmed w. BK's?

[HHM]

There is no advantage. In fact, it is probably a disadvantage to file when the courts are busier because all it means is your case will take LONGER.

Last stats I saw are that BK's are actually lower than they were in 2005 (i.e. right before the new law passed). But, there will probably be an increase in BK's this year as compared to last year. But that increase will not affect the individual case.

[Run]

FWIW foreclosures are skyrocketing. Consumer retrenchment is on the rise. Bankruptcies cannot be far behind!

[howie]

I heard bankruptcy increased during 2007 after a drop off in 2006. The number I heard was 40% increase in 2007 over 2006. Also read that they expect 2008 to increase as well. Talked to a gentlemen that works in banking and he told me 2007 was horrible for foreclosures and he said "We haven't seen the worst yet". Kind of scary.

[magyar123]

Of course bankruptcies will rise again. The "slow-down" came with the new laws in 2005. The primary slowdown came in Chapter 7s, as more and more potential Chapter 7 filers are being sentenced into 13s.

[PaKettle]

Just curious, is there a way to find out if bankruptcies are on the rise at all?

The holiday is over and the economy is dragging, and there is an increase in foreclosures. Is there usually an increase during a certain time of year?

I am expecting to file in June. Would it be advantageous if the BK courts were overwhelmed w. BK's?

I doubt if there is any real advantage one way of the other.

Foreclosures are WAY up in California - to outrageous levels!

Here are some stats on bankruptcies for the past years:

http://www.abiworld.org/AM/AMTemplate.cfm?Section=Home&CONTENTID=49785&TEMPLATE=/CM/ContentDisplay.cfm

You can also go to REPORTS at Pacer but it will cost you:

https://pacer.uspci.uscourts.gov/cgi-bin/menu.pl?puid=01201312007

They aren't up as much in 2007 as I thought they would be. In 2005 they were WAY UP. Why?

I'm shocked that they are so relatively low in 2007 if this chart (1st one above) is correct. I bet they'll approach or surpass 2005 levels, next year!

[keepmine]

Bk's rose sharply in 05 as many people rushed to file before bk reform took affect in Oct. of 05.

[Lindsay]

I think they will rise sharply. The $3.50 gallon gas and skyrocketing grocery prices along with creditors charging 30% interest and subprime mortgages are going to catch up with alot of people unfortunately.