ogarawo.wordpress.com
There were 3,285 Chapter 7 filings under ofthe U.S. bankruptcu code in the firsf quarterof 2009, up from 2,833 during the first quarter last The filings were also 7 percent higher than the fourtuh quarter of 2008, when 3,072 filersd sought Chapter 7 protection. According to The Warren Group, Chapter 7s fell dramaticallyu in 2006 after a federal law went into effectg that tightened thefiling requirements. But filingse have started to escalate again, steadily increasinvg for the pastthree quarters. Chapter 7 bankruptcy accounted for 82 perceny of bankruptcy filings in Massachusettds in thefirst quarter.
Peopls file Chapter 7 bankruptcy to eliminatew debtafter non-exempt assets are used to pay off Meanwhile, filings under Chapter 13 of the U.S. bankruptchy code have declined. A tota of 675 filers sought protection under Chapter 13 in thefirst quarter, down 39 percent from 1,106 in during the same months in 2008. The first quarter’sa filings were 14 percenty lower than the 788 filings in thefourth quarter. Chapteer 13 requires debtors to arrange fora three-- or five-year debt-repayment plan. Unlike Chapter 7 filings, Chapter 13 filingws have decreased in the lastfour quarters.
No comments:
Post a Comment