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US bankruptcy filings are still climbing at the highest rate since 2005

US bankruptcies in the first quarter were the highest since 2005. You might ask what happened in 2005 to cause a high bankruptcy rate? In that year there were a rush of bankruptcies ahead of a new bankruptcy law that was designed to curb abuses. The law took effect in October 2005.

Now to the present. Let's look at the numbers:

  • There were 330,477 filings in the first quarter, up 10% from the previous quarter and up 35% from a year earlier.
  • The Administrative Office of the US Courts reported that consumer filings were up 33%, while business filings were up a whopping 64%

Continue reading US bankruptcy filings are still climbing at the highest rate since 2005

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