Courts See 7.9% Rise In Bankruptcy Filings In 1Q 2005 7.9% In 1Q 2005
Bankruptcy filings were up 7.9% during the first three months of 2005, according to figures released by the Administrative Office of the U.S. Courts.
During the first quarter, consumers filed for 401,149 bankruptcies, up from 371,668 during the previous quarter. However, the Administrative Office also reported that over a one-year period the number of bankruptcy filings were actually down.
The news comes as the bankruptcy reform bill, The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, goes into effect in mid-October.