New Law Slows Bankruptcy Filings by 71 Per Cent

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00006371-new-law-slows-bankruptcy-filings-by-71-pe/

New bankruptcy laws in place have slowed bankruptcy filings down by 71 per cent, according to a story in the Sacramento Business Journal.

The law went into effect back in October of 2005.

“Congress hoped the new law would reduce the number of new consumer bankruptcies and the latest figures reflect that intention, though there are still many families under financial stress,” said Samuel J. Gerdano, executive director of the American Bankruptcy Institute in Alexandria, Va.

Business filings fell 68 percent to 12,798 from 8,063 in first-quarter 2005.

You can read the entire story at New law slows bankruptcy filings by 71 percent.