Rush to Bankruptcy

Time is running out for debt-laden individuals to file chapter 7 bankruptcy and say goodbye to most of the debt they have amassed.

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And the rush is on to beat the Oct. 17 deadline, when a much stricter consumer bankruptcy code is enacted.

“I would say so, we’ve seen an increase (in interest),” said Jeffrey Morris, resident scholar at the American Bankruptcy Institute in Alexandria, Va. “I’ve spoken with attorneys from a number of parts of the country and they are experiencing an increase in people asking and coming into the office. It’s as high as 25 percent. But how quickly that will turn into filings, I don’t know, anything’s possible.”

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