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Economic Pressure Adds to Bankruptcy Caseload.(Special Report)
Byline: James Comtois
New York-Personal bankruptcy filings are now approaching one million as the credit crunch and deteriorating economy effects household finances. According to legal helpers, a national personal bankruptcy law firm, year-to-date figures of personal bankruptcy filings nationwide has risen to 931,873. This flux of filings is occurring some three years after the Bankruptcy Abuse Prevention and consumer protection act passed.
"Chapter 7 and Chapter 13 filings are an unavoidable fact of life, particularly given the current economic climate," said Richard K. Gustafson of the law offices of Macey & Aleman. "Individual households nationwide are struggling to make ends meet as food and fuel prices skyrocket and their heavy, expensive mortgages come home to roost."
The Bankruptcy Abuse Prevention and Consumer Protection Act, designed to reduce the number of personal bankruptcy filings, came into force in 2005 amidst a rising prevalence of Chapter 7 voluntary petitions. This act introduced a compulsory means tested element to the Chapter 7 filing process.
However, after an initial decline in the frequency of personal bankruptcy, the figures for Chapter 7 and the less popular Chapter 13 procedures in 2008 have risen 28% on the year, as the impact of the mortgage meltdown and turmoil in the housing market take their toll.
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