openPR Logo
Press release

Bankruptcy Filings Predicted to Rebound

The new bankruptcy law that generally went into effect on October 17, 2005 caused a feverish rush to file.
The period immediately after October 17th was drastically slow for consumer bankruptcy professionals throughout the United States. Bradford W. Botes, Executive Director for NACBA (National Association of Consumer Bankruptcy Attorneys) states that he is "confident that the rate of filings will pick back up during the first quarter of 2006." He sites the increase in credit card minimum payments, increased fuel costs and ever increasing interest rates as factors which will increase the rate of future filings.

Botes further states that "three things have lead to the recent decrease in filings:

1. Virtually everyone who was considering bankruptcy filed prior to October 17, 2005;
2. The last two months of the year are always somewhat slow;
3. Many people think that bankruptcy is no longer an option."

David Siegel, Chicago bankruptcy attorney and American Bankruptcy Institute member, is doubtful that the rebound will occur as quickly as predicted by Botes and others. "I simply have not seen nor felt the normal interest in bankruptcy for this time of the year, specifically, with regard to filing Chapter 7 bankruptcy. The need to save homes through Chapter 13 bankruptcy has remained somewhat constant, however." (Special Reports are available at

In the near future, NACBA will commence a media awareness campaign to get the word out that bankruptcy is still an option for those caught in the clutches of debt. That media campaign along with a steady stream of television advertisement espousing bankruptcy should have some impact.

For Further Information:

David M. Siegel
790 Chaddick Drive
Wheeling, IL 60090
(847) 520-8100

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Bankruptcy Filings Predicted to Rebound here

News-ID: 3363 • Views: 1947

More Releases from David M. Siegel & Associates

5 Common Misconceptions About Filing Bankruptcy
1. If you file for bankruptcy, you will lose all of your property. This may be the biggest misconception surrounding filing for bankruptcy. Every person who filed can protect a certain amount of property while still eliminating all or a portion of their debt. 2. If you file for bankruptcy, everyone will know about it. Unless the person is a celebrity, the fact of filing will not become generally known.
Illinois' Homestead Exemption Doubles
Illinois Residents can now protect $15,000.00 worth of equity in their residences free from creditor attachments, levies and sales. On January 1, 2006, the Illinois Code of Civil Procedure was amended to provide a homestead exemption of $15,000.00 for an individual homeowner. Section 735 ILCS 5/Art. XII Pt. 9 (Exemption of Homestead) effectively doubles the exemption that could be applied to protect a homestead. This long overdue increase will
Your Repossessed Vehicle Can Still Be Recovered
Suffering through a repossession does not necessarily mean that the vehicle is lost. In fact, a repossessed vehicle is recoverable by its owner as long as the vehicle has not been auctioned off or sold by the finance company. There are however a few requirements that must be met in order to convince the auto finance company to cooperate with the return of the vehicle. 1. The vehicle
How To Easily Stop Foreclosure, Save Your Home And Repay Your Debt Over Time
Losing one's home to a foreclosure sale can be devastating and demoralizing. It doesn't take much to fall behind on mortgage payments. Job loss, injury, divorce, wage garnishments, personal loans, student loans, credit card payments and many other factors can lead to the inability to make timely payments. Mortgage companies often will not accept any amount other than the amount needed to become completely current. In

All 5 Releases