Four and a half months after the end of 2006, the Administrative Office of the Courts has released bankruptcy filing statistics for the fourth quarter of 2006 and, thus, for the first full calendar year since the dramatic changes to the bankruptcy code in 2005.
To no one’s surprise, filings have decreased. However, what may be more telling is the rate at which filings have INCREASED since almost immediately after the law change took effect. First quarter filings in 2006–the first full quarter after the law change took effect–reached only 116,771. However, one year later, first quarter filings reached 186,788.