Bankruptcy Filings Surge!!

According to an AP story released today, Bankruptcy filings are increasing nationwide to levels not seen for many years.

The Associated Press analysis revealed that almost 1.2 million debtors filed for bankruptcy in the past 12 months, according to federal court records. Last month, 130,831 sought bankruptcy protection – an increase of 46 percent over March 2008 and 81 percent over the same month in 2007.

Western states showed the highest increase, notably California Nevada, Idaho and Arizona.

Nearly 2 million bankruptcy filings occurred in 2005, in anticipation of the tighter requirements of the Bankruptcy amendments approved during the Bush administration. The level of filings fell to 600,000 in 2006.

Here is a link to the story http://apnews.myway.com/article/20090413/D97HRTNG2.html

Lee M. Herman, Esquire is a Creditors Rights attorney with offices in Media, Pennsylvania and Haddonfield, New Jersey.  For thirty years, he has successfully represented consumers, lenders, borrowers, landlords and tenants in commercial and collection disputes, as well as many local businesses and professional practices in general corporate matters. He can be reached at (610) 891-6500, or by email at lherman@lmhlaw.com.  His web site is www.lmhlaw.com