Chicago Bankruptcy Lawyers & Attorneys

In case you didn’t feel it, the numbers will tell the story. The total number of U.S. bankruptcies filed during the first three months of 2008 increased 26.9 percent over the same period in 2007. This figure is provided by the Administrative Office of the U.S. Courts which released the information today. Specifically, the total filings reached 245,695 during the first calendar year quarter of 2008 (Jan. 1-March 31), surpassing the 193,641 new cases filed over the same period in 2007.

Although we are nowhere near the amount of filings pre-reform, the uptick demonstrates that people in America are struggling significantly with debt. The bankruptcy reform laws of October, 2005 were just a speed bump on the road to future bankruptcy filings. If the sub-prime mortgage meltdown wasn’t bad enough, the current economic conditions and supra $4.00 a gallon gas prices have begun to take their toll. I believe that it is only a matter of time before filings propel to near record levels again. It will probably occur during the 2010 fiscal year.

Additional Information At Chapter 7 Bankruptcy