Bankruptcy filings rise to 6,000 a day as job losses take toll
Washington, June 05: Consumer and commercial bankruptcy filings are on pace to reach a stunning 1.5 million this year, according to a report from Automated Access to Court Electronic Records.
While well below the record 2 million filings in 2005, the number of filings is up sharply from last year’s 1.1 million, says Robert Lawless, professor of law at the University of Illinois.
Bankruptcy filings took a dramatic nose dive after a 2005 bankruptcy reform measure was signed into law to curb bankruptcy abuse and make it harder to erase debts.