Courts brace for bankruptcy deluge

[Rose Siding]

Court officials, lawyers and credit counselors are preparing for a rush of bankruptcy filings after President Bush last week signed a new law making it harder to escape debt through Chapter 7 bankruptcy protection.
....
For all of 2004, 9,360 bankruptcies were filed, the second highest number ever. The record was in 2003, when 9,967 bankruptcies were filed.
....
One estimate is for a doubling of Chapter 13 filings. And since Chapter 13 calls for a hearing in front of a judge and a payment schedule the judge needs to approve and then ensure it is implemented, "it will double the case loads for our judges," Meyer said. "We're very concerned about our ability to handle cases across the state."

As for the possibility of new bankruptcy judges to help out, "Congress hasn't approved a new bankruptcy in 13 years," Meyer said. "It's not as if they hand them out every year."

http://www.freenewmexican.com/news/12996.html

[oldtime dfl_er]

1. Too lazy to read the article, but

assuming those numbers are for New Mexico only?

www.cafepress.com/showtheworld

[FloridaPat]

2. Yes, it was. Didn't think that was for the entire US.

[Robert Oak]

3. I'll bet more what happens

since no one wants to declare bankruptcy...it's a terrible
emotional process...

is that people do not do it in this 6 month window and after this law (sic) is in effect,
we have a major "poor house" disaster (well worsing of the poor
house disaster currently happening).

[mike_c]

4. I'm one of the lucky ones....

I was forced into Chapter 7 by my divorce. The filing date was April 15-- looks like I'll be one of the last of the "easy" Chapter 7 bankruptcies. I was sweating about this one....