Bankruptcy Filings On The Rise: Report
Nearly a year since the enactment of the new bankruptcy law, Chapter 7 bankruptcy filings are slowly on the rise. However, according to recent reports, at 71 percent, filings remain significantly lower than 2004 filings for the same time period. Accounting.smartpros.com reports:
Chapter 7 and 13 bankruptcy filings are slowly rising since enactment of the law, however, at a much lower pace than in previous years likely due to cost to file; complications with paperwork; the surge in filings prior to the law; and a misperception that Chapter 7 is no longer available. Attorneys are trying to issue appropriate messaging that helps set the record straight.
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