New data just out shows the number of consumer bankruptcies is rapidly increasing and more consumers are able to seek protection under Chapter 7 bankruptcy to discharge all of their debt.
Aacer is reporting that there were 158,141 filings in March, higher than any other month since the bankruptcy reform changes of 2005. In fact the number of filings is higher now than it was before the needless bankruptcy reform passed.
This increase in bankruptcy filings represents a 35% increase from February filings.
We should expect to see another strong month in April as many consumers will use tax refund checks to pay for bankruptcy.