The bankruptcy filing rate recently came to light and shows that fewer Americans are filing for bankruptcy to eliminate their debt. According to bankruptcy filing data, the number of Americans who filed for bankruptcy decreased from the same period last year ending September 30, 2012. The largest decrease was for those who filed for bankruptcy from the Chapter 7, which decreased about 15%. The number of Chapter 13 bankruptcy filings also decreased by 10%. In 2010, the US saw a record number of 1.6 million people file for bankruptcy for numerous reasons. In 2011, the drop began to lower the rate to 1.47 million bankruptcies and has now dropped further to 1,261,140. While this sounds like good news for the economy, it sounds like bad news for a bankruptcy attorney.

Generally, most people file for Chapter 7 bankruptcy over all other chapters. Due to changes in the bankruptcy code in 2005 and the bursting of the housing bubble in 2007, we have seen an increase in Chapter 13 bankruptcy filings. Even though we had a slight decrease last year, it is still much higher. of what has been historically. Many experts wonder what is happening in the world. Unemployment is now a stated 7.7%, which is low compared to the 8-9% it has been for the last four years. The Federal Reserve has been quick to respond to the economic problems the US has had since 2007 with QE1, QE2, The Twist, QE3 and now QE4. All of these are nothing more than quantitative easing which, in a nutshell, is printing money to buy our way out of debt. In September, QE3 was announced with an imprint of $40 billion per month to buy mortgage-backed securities. All quantitative easing programs previously had a time frame, but this one is to infinity and beyond. When everyone thought this was crazy, QE4 for an extra $45bn a month arrived last week for the same reason. Once again, there was no end point, except for Mr. Bernanke’s statement, in which he said that the Fed would continue quantitative easing until the unemployment numbers fell to 6.5% or below.

Historically, quantitative easing has not worked for any country that has used it to get out of financial trouble. Did it work for the Weimar Republic when it tried from 1919 to 1923? No, and it won’t work here either. These monetary policies are nothing more than kicking the can down the road where at some point the taxpayers will end up footing the bill. The scary part is that the cost of reimbursement usually comes from hyperinflation and higher taxes, nothing like driving a stake through the heart of an already fragile economy. The more money is printed, the less the currency is worth. Taking all the facts into account, even though bankruptcy filing numbers are down, I think it’s only a matter of time before new records are set. I don’t think a bankruptcy attorney is really that concerned about his career choice. In the next few years, we will likely see an increase in the number of Americans losing their homes to foreclosure and many of them will also have to file for bankruptcy. Young adults currently attending law school should consider becoming bankruptcy attorneys because the way the economy looks, their future would look bright.

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