Pennsylvania Reports Bankruptcy Filings Increase

Pennsylvania filings are increasing and this could be part of a national trend.

“There was a lot of confusion about whether bankruptcy would go away.
People are now starting to realize that bankruptcy is still an option
to those under extreme financial duress, said bankruptcy attorney
Stephan Nikoloff, of Legal Helpers, a law firm specializing in consumer
bankruptcy. “The majority of people who could file for bankruptcy prior
to the law change can still file under the new law.”

This only makes sense as the down cycle couldn’t last that long, at least that’s what most bankruptcy lawyers have been theorizing.

There were two ways to look at it really

1. Everybody filed pre-new law
2. Everybody is afraid to file now

Both reasons will work themselves out and most of the pre-new law levels will probably return, one would think. Once the lawyers tweak everything out, the new bankruptcy law will be a lot thinner and easier to work with anyway.