Data released yesterday by the Administrative Office of the U.S. Courts shows that bankruptcy filings between April and June were up by 9 percent from the first quarter, and 11 percent from a year before.  By June 30th this year there were 1.57 million bankruptcies, compared to 1.31 million last year.  This is a twenty percent increase over the past year.

Quarterly filings reached over 400,000 for the first time since they reached a shocking 667,431 bankruptcies in the fourth quarter of 2005.  Congress then altered federal bankruptcy laws, making it more difficult for individuals and businesses to file.  In the second quarter of 2010 there were 422,061 bankruptcies filed.

A professor of sociology at Ohio University stated, “We know the causes of bankruptcy are primarily job losses and health care, with the overlay of the foreclosure crisis”.

If you or someone you know is considering filing for bankruptcy protection, contact the Galveston bankruptcy lawyers of Gipson, Norman & Root at 281-332-4800 to learn more about your rights.