Bankruptcy Filings Plunge after New Law
Since the BAPCPA took effect, only 617,660 bankruptcies were filed during the twelve-month period ending December 31, 2006. This compares to 2,078,415 bankruptcies filed in the 12-month period ending December 31, 2005, prior to the BAPCPA going into effect. The 2,078,415 bankruptcies filed in the final year before BAPCPA represented the largest number of bankruptcy petitions ever filed in any 12-month period in the history of the federal courts.
Congress passed the BAPCPA in response to years of complaints from lending institutions that too many financially irresponsible people were abusing the bankruptcy laws, rather than honestly attempting to pay back their debts.
The U.S. Courts System has more information about bankruptcy and its various chapters on its Bankruptcy Basics Web site.
Also See: The U.S. Bankruptcy Courts Index
Comments
I think since more minorities have started filing under this protection program, this as stemed the govertnment to put more stipulation into place. Since the upper middle class had been doing basically amongs themself-no problem, but now there seems to be a whole new picture or if you will a new “SCOPE”.
Remember the saying The Rich get Richer and the Poor gets Poorer? Well, This is truly the case at this time. It’s terrilbly sad. There is no protection for the consumer. No great jobs anymore even with a college education. And now you have to wait up to 10 years to really get something off your credit by than your dead and or to old to even care. This law is a bunch of CRAP as is the situation with GAS. The war is STUPID. I am saying this because our country needs some serious help. The country is depressed and again this is sad. All on the tv are commercials on the people that are depressed. Today on the news it was said that married people are not as depressed. In a communist country if you have ever noticed most people are coupled off to mask the realistic drowning of that country. Where are we headed as country? Think about it, It’s Darn scary. By the way by the time the war is so call done half of our young will be dead and or maimed physcically and mentally. We are so in Trouble when the country will not take care of it’s own. Again, very SAD…Also Why is it our country can’t get rid of Drugs? Eveything that benefits us as consumer’s if you haven’t noticed has been reduced or taken away. SHAME,SHAME,SHAME…Over the years I have seen so much as the rest of us have. Get rid of making home buying easier and make for sure that the credit everyone works there tail off for means nothing in the end. Did you know that the lenders think that they are god? Did you know that they have even a high credit score now is not high enough. I will say this if we as consumers don’t start doing something to defend ourselfs we might as well be the cavemen because this is where we’re headed. By the way, I am in love with our country I just hate the way it’s being subjected to some of the most horribliest new laws still in favor of the rich. Did you know that our country helps people that come here from other countries to buy the homes that we dream of and they give them our tax dollars to do it with? As an incentive to come here. In the meantime the ones with birth certificates that live here are being deleted. People who murder other people get more of chance to get back on their feet than we do. They are given second chances even. But, if we have had truly hardship no more chances. Just every 10 years we can clear our credit, maybe. This just stinks. By the way, I have never had to file a bankruptcy, I feel very sad for the people that need to do this to get back on their. And dont’ they the lenders write off the bad debt. They are lazy and don’t want to do the paperwork. So, God the lenders decide how we die, how we live.