Only a fraction of those in need file for bankruptcy – USA Today

Posted on June 10, 2010. Filed under: Uncategorized |

As I had predicted last year, the total bankruptcy filings for 2010 will likely exceed 1.5 million.  This article in USA Today online recounts that even though bankruptcy filings have increased, there are still countless other folks that need to file bankruptcy that are not. The article cites a concern that because these folks that need to are not filing bankruptcy, this could actually harm the economic turnaround for the country.

From the article:

“Bankruptcy filings are nearing the record 2 million of 2005, when a new law took effect that was aimed at curbing abuse of the system. Filings could reach 1.7 million this year, says law professor Robert Lawless, but few experts believe that debtors are now gaming the system. Instead, concern exists about a growing number of  Americans who need bankruptcy protection but cannot get any benefit from it or simply cannot afford to file. As their financial problems worsen, that hurts everyone because it can hinder the economic turnaround.”

John Rogers, Kentucky Bankruptcy Attorney

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One Response to “Only a fraction of those in need file for bankruptcy – USA Today”

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You have nice blog, i will back soon 🙂

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