Layton Mayor Declares Bankruptcy as National Rate Rises

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The national bankruptcy rate rose 14% for the first 6 months of 2010, the highest since landmark legislation was enforced to curb abuse in bankruptcy cases in 2005. According to the American Bankruptcy Institute (ABI), the number of filings rose to 770,117, the highest year-on-year since the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) came into being aimed at reducing the number of Chapter 7 bankruptcies where debts can be wiped out without paying them.

However, month-on-month, the June statistics indicate a glimmer of hope. It is the third consecutive month where the bankruptcy rate has fallen. The number of bankruptcy filings in June came up to 127,000, down more than 7% compared to May. But this number is higher compared to June 2009 by more than 8%, according to the National Bankruptcy Research Center. The ABI expects another 1.6 million individuals and companies to file for bankruptcy before the year is out, according to its Executive Director, Samuel J. Gerdano.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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