Personal Bankruptcy up 37% over Last Year

Personal Bankruptcy Up 37% - Bankruptcy Attorney Earnings Up - 100%

Okay, I don't know that for sure, but one would certainly think an established personal bankruptcy attorney would stand to gain a lot of money during a housing crunch.

JUNE CONSUMER BANKRUPTCY FILINGS INCREASE NEARLY 37 PERCENT OVER PREVIOUS YEAR

July 9, 2007, Alexandria, Va.
U.S. consumer bankruptcy filings increased 37.1 percent nationwide in June from the previous year, according to the American Bankruptcy Institute (ABI). Relying on data from the National Bankruptcy Research Center (NBKRC), overall consumer filings totaled 68,559 in June, nearly a 2 percent decrease from the 69,684 filings in May. Chapter 13 filings constituted 38.3 percent of all consumer cases in June, a slight increase over the previous three months.

"While bankruptcy filings are up more than 30 percent from the same period last year, they are less than half of what they were in 2005," said Samuel J. Gerdano, ABI Executive Director. "However, the underlying concerns of high debt loads are still a constant, pointing to rising filings in the future."...

For the Over-55 Crowd, Bankruptcies Rise Fastest

Bankruptcies Rise Fastest for Over-55 Group

Older Americans Feeling Effects of Inadequate Savings

By Kathleen Day

Washington Post Staff Writer
Friday, April 27, 2007; Page D03

Personal bankruptcy filings by people 55 and older are growing faster than those by any other age group, in part because of rising mortgage debt and medical expenses among seniors, a study published yesterday concludes...

...The government researchers compared personal bankruptcy records from 1994 with those in 2002. In that time span, personal filings doubled, to more than 1.5 million. The credit industry used that growth to persuade Congress to pass legislation in 2005 that makes it harder for individuals to wipe out debt through bankruptcy...