Bankruptcy Questions Answered

August Bankruptcy Filings Down 8% From July But Still On Record Pace

Historically, August bankruptcy filings are usually less than July. This July we saw an 8% drop in consumer bankruptcy filings across the nation. This statistic does not mean that we are in a recovery, and please don't assume anything than it is just a number.

Overall, across the United States, consumer bankruptcy filings are still high and are near the 2005 mark. In 2005, Congress overhauled the bankruptcy laws to protect consumers. Yea, thanks guys, after seeing what a job they did on the bankruptcy code, I can't wait to see how the health care system works. I mean you guys run Social Security, Medicare, Fannie Mae, Freddie Mac, the Post Office and most recently took on Wall Street. I'm convinced that we have nothing to fear.