Bankruptcy filings surged in '07, up 38%

[babylonsister]

http://www.swamppolitics.com/news/politics/blog/2008/04/bankruptcy_filings_surged_in_0.html

Bankruptcy filings surged in '07

Posted April 15, 2008 1:51 PM
The Swamp

by James Oliphant


Here's another sign that the economy perhaps is bottoming out.

Bankruptcy filings in federal court increased 38 percent in 2007, to more than 850,000 people nationwide, the administrative office of the U.S. courts said Tuesday.

That's significant because the numbers dropped precipitously in 2006 following passage of the Bankruptcy Abuse Prevention and Consumer Protection Act, which made it more difficult for individuals to discharge their debts.

After that act was passed by Congress, filings fell 70 percent. Some of that was attributable to some filing before the act became law in October 2005. That year saw some 2 million bankruptcy filings.

Perhaps tellingly, filings involving business debts, as opposed to consumer debts like credit cards, saw the greatest increase. Those spiked 44 percent in 2007.

[Greyhound]

1. So, how long until the inevitable, "no one could have foreseen this"

crap, is poured into the empty vessel of the Amerikan mind?