NEW RULES DON’T LESSEN NEED FOR BANKRUPTCY
December 19, 2005
Return To Archives
The dropoff in consumer bankruptcy petitions since the nation’s bankruptcy law changed belies the fact that there are still many Americans in serious financial trouble, the New York Daily News reported today. Bankruptcy filings peaked at a record of more than 315,000 a week before the law took effect Oct. 17 but have since fallen to a weekly rate of about 3,500, according to financial information and consulting firm Lundquist Consulting. But Texas attorney John Penn, who is president of the American Bankruptcy Institute, and other experts don’t expect filings to remain so low. “We have not changed either the laws of economics or basic human nature,” he noted. Read more
http://www.nydailynews.com/money/index.html/index.html
