BAPCPA is 2 years old today – Statistics from the Northern District of New York
By Peter Orville, Attorney at Law on Oct 17, 2007 in Bankruptcy Myths, Bankruptcy Practice and Procedure, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, General Bankruptcy Information, New York, State Specific Bankruptcy Issues
The debate over the effectiveness of BAPCPA, which is two years old today, has largely centered on how many people filed bankruptcy before it went into effect, how many have filed since it went into effect, and whether the number of people filing bankruptcy in the future will increase back to the level of pre-BAPCPA.
In the Northern District of New York, the number of bankruptcies filed is as follows:
Before BAPCPA Chapter 7 Chapter 13 Total
1st 8 months of 2005 10,312 3,055 13,367
After BAPCPA
1st 8 months of 2006 2,906 1,443 4,349
1st 8 months of 2007 4,359 1,829 6,188
The decrease between the first eight months of 2005, and the first eight months of 2006 was a whopping 67 percent. However, there was a 42 percent increase between the first eight months of 2006 and the first 8 months of 2007. If that rate of increase continues, the number of bankruptcy filings in the Northern District of New York will reach the pre BAPCPA levels before the end of 2009.
See: Why Did the Number of Bankruptcy Filings Greatly Decrease immediately after BAPCPA and Why are They Rapidly Increasing Now?
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