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Bankruptcy filings up in Indiana

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Bankruptcy cases in federal courts have increased more than 30 percent in the fiscal year ending in September as compared to the 2007 fiscal year. In Indiana, bankruptcy cases have increased more than 25 percent in the U.S. District Court's Northern and Southern districts.

For the federal judiciary's fiscal year ending Sept. 30, the Northern and Southern Districts had 37,538 bankruptcy filings, according to statistics from U.S. Courts. Filings increased 25 percent in the Northern District and 27.5 percent in the Southern District. In the 2007 fiscal year, bankruptcies filed in Indiana totaled 29,656.

Nationally, 1,042,993 bankruptcy cases were filed in federal courts this fiscal year, as compared to the 801,269 filed in 2007.

Matthew Schiller, partner of Schiller Law Offices in Indianapolis, isn't surprised by the increase in bankruptcies here. He's seen an increase as a result of foreclosures and credit card use.

Many adjustable rate mortgages entered into two or three years ago are resetting now and increasing to the point people can't make their payments, he said. And, because of the credit crisis, people can't refinance their mortgages, get credit, or transfer credit card balances.

"We started to see an increase six to eight months ago," he said. "A lot of it is tied to credit problems."

Besides housing and credit card issues, people have filed bankruptcy as a result of unemployment, Schiller said.

While Indiana's filings have increased, the state didn't experience the extreme uptick in filings states such as Arizona, California, Florida, and Nevada have seen. Bankruptcy filings in the Central District of California went up more than 96 percent over last year; Arizona's filings increased by 73.4 percent.

As for the states bordering Indiana, Illinois and Kentucky had comparable increases to Indiana at 25.1 percent in Illinois, and 26.6 percent in Kentucky. Ohio courts saw an average increase of around 13 percent and Michigan was near 22 percent.

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  1. From his recent appearance on WRTV to this story here, Frank is everywhere. Couldn't happen to a nicer guy, although he should stop using Eric Schnauffer for his 7th Circuit briefs. They're not THAT hard.

  2. They learn our language prior to coming here. My grandparents who came over on the boat, had to learn English and become familiarize with Americas customs and culture. They are in our land now, speak ENGLISH!!

  3. @ Rebecca D Fell, I am very sorry for your loss. I think it gives the family solace and a bit of closure to go to a road side memorial. Those that oppose them probably did not experience the loss of a child or a loved one.

  4. If it were your child that died maybe you'd be more understanding. Most of us don't have graves to visit. My son was killed on a state road and I will be putting up a memorial where he died. It gives us a sense of peace to be at the location he took his last breath. Some people should be more understanding of that.

  5. Can we please take notice of the connection between the declining state of families across the United States and the RISE OF CPS INVOLVEMENT??? They call themselves "advocates" for "children's rights", however, statistics show those children whom are taken from, even NEGLIGENT homes are LESS likely to become successful, independent adults!!! Not to mention the undeniable lack of respect and lack of responsibility of the children being raised today vs the way we were raised 20 years ago, when families still existed. I was born in 1981 and I didn't even ever hear the term "CPS", in fact, I didn't even know they existed until about ten years ago... Now our children have disagreements between friends and they actually THREATEN EACH OTHER WITH, "I'll call CPS" or "I'll have [my parent] (usually singular) call CPS"!!!! And the truth is, no parent is perfect and we all have flaws and make mistakes, but it is RIGHTFULLY OURS - BY THE CONSTITUTION OF THIS GREAT NATION - to be imperfect. Let's take a good look at what kind of parenting those that are stealing our children are doing, what kind of adults are they producing? WHAT ACTUALLY HAPPENS TO THE CHILDREN THAT HAVE BEEN RIPPED FROM THEIR FAMILY AND THAT CHILD'S SUCCESS - or otherwise - AS AN ADULT.....

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