ILNews

Bankruptcy filings up in Indiana

Back to TopCommentsE-mailPrintBookmark and Share

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.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in Indiana Lawyer editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT
Subscribe to Indiana Lawyer
  1. Major social engineering imposed by judicial order well in advance of democratic change, has been the story of the whole post ww2 period. Contraception, desegregation, abortion, gay marriage: all rammed down the throats of Americans who didn't vote to change existing laws on any such thing, by the unelected lifetime tenure Supreme court heirarchs. Maybe people came to accept those things once imposed upon them, but, that's accommodation not acceptance; and surely not democracy. So let's quit lying to the kids telling them this is a democracy. Some sort of oligarchy, but no democracy that's for sure, and it never was. A bourgeois republic from day one.

  2. JD Massur, yes, brings to mind a similar stand at a Texas Mission in 1836. Or Vladivostok in 1918. As you seemingly gloat, to the victors go the spoils ... let the looting begin, right?

  3. I always wondered why high fence deer hunting was frowned upon? I guess you need to keep the population steady. If you don't, no one can enjoy hunting! Thanks for the post! Fence

  4. Whether you support "gay marriage" or not is not the issue. The issue is whether the SCOTUS can extract from an unmentionable somewhere the notion that the Constitution forbids government "interference" in the "right" to marry. Just imagine time-traveling to Philadelphia in 1787. Ask James Madison if the document he and his fellows just wrote allowed him- or forbade government to "interfere" with- his "right" to marry George Washington? He would have immediately- and justly- summoned the Sergeant-at-Arms to throw your sorry self out into the street. Far from being a day of liberation, this is a day of capitulation by the Rule of Law to the Rule of What's Happening Now.

  5. With today's ruling, AG Zoeller's arguments in the cases of Obamacare and Same-sex Marriage can be relegated to the ash heap of history. 0-fer

ADVERTISEMENT