The 2008 numbers are out. Bankruptcy Filings in 2008 are up over 30% from 2007. In total, almost 1.1 million bankruptcies were filed. That is almost 100,000 cases per month. In 2007, there were approximately 827,000 bankruptcy filings. I anticipated that bankruptcy filings would go up; however, I could not have anticipated how band things were really going to get. I anticipate that it will get worse for 2009.
Actually, the number of bankruptcy filings were down for December 2008, based upon what had happened in October and November. But, with rising unemployment, a dismal economic outlook, and a future of crashing commercial real estate, I don’t think I can say too much about the future except: Hold on tight because it is going to be a wild ride.
In 2009, I expect some type of bankruptcy reform. At this point in time, it is too early to predict what type of reform we will be getting, as the politicians are doing what they do best, taking something so simple, and complicating the hell out of it.
It is time for Congress to stop playing politics and get down to the work that they are in Washington to do. Democracy means rule by the people. I learned that from Ms. DeRose in 7th grade. She beat it into our heads each and every day. It is becoming painfully obvious that once elected, our representatives forget why they go to Washington and who sends them there.
Can anyone tell me when you last received a call from your Senator or Congressman asking what you thought of the new bankruptcy legislation that is being floated around Washington. You know, since you are a consumer bankruptcy attorney, you go to bankruptcy court all the time, you speak with people filing for bankruptcy on a daily basis. I would love to provide a little insight as to the fear that my clients have over losing their homes and their stuff.
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