Bankruptcy Attorneys Crying – Filings Reach Lowest Level Since 2006

During the 12-month period ending December 31, 2016, 794,960 cases were filed in federal bankruptcy courts, down from the 844,495 bankruptcy cases filed in calendar year 2015—a 5.9 percent drop in filings.

This is the lowest number of bankruptcy filings for any calendar year since 2006, and the sixth consecutive calendar year that filings have fallen. However, it was the first calendar year since 2011 that the rate of annual decline was less than 10 percent.

Bankruptcy attorneys must be going out and getting second jobs at this point. What baffles me is how many bankruptcy attorneys still say nothing can be done about student loans in bankruptcy, which is flatly not true. Rather than taking on the successful fight that a few attorneys have waged in bankruptcy to reduce or fully discharge student loans, most bankruptcy attorneys are turning away business.

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