Personal bankruptcies hit an all-time high in 2005. Two million people filed for bankruptcy last year. That includes a less-than-expected drop off in the filing rate after the new bankruptcy bill was enacted, making it more difficult for individuals and corporations to file.
Lundquist Consulting provided the survey results. From their press release [non-permanent link]:
The total number of filings since the enactment of the legislation, on October 17th, through December 31 was just over 38,000, representing fewer than 2.0 percent of all 2005 filings. Low filing numbers since the law’s enactment can be correlated to the fact that many consumers filed earlier than they might have otherwise to take advantage of the old bankruptcy law.
Updated February 7, 2012 and originally published January 11, 2006. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.