Sunday, November 20, 2005

Bankruptcy fallout

or more correctly, falloff. You know I don't like links, but here is the first story of the expected rash:

We all expected there would be a fall off of bankruptcy filings, but in MA it is over 95%. Our district, Wisconsin Western, has had a 98% drop from average last year. We have had two calls since the law change. (Our district had about 8,000 cases last year, we are over 13,500 so far this year but will probably finish with less than 14,000. 7,000 of those cases were filed between August 15th and October 16th.)

My guess is there will be less than 10,000 cases filed NATIONWIDE between October 17 and the end of the year. That would be a 97% drop from last years average.

It will take several months to see if the numbers stay that low (not likely). My guess back in March was a drop to 100,000 filings per year after 2 years of the new law. I would suggest that number is going to be pretty good. A 95% drop. Anyone want to speak up and suggest that 95% of the people filing bankruptcy didn't need to? Go ahead...speak up...

No comments: