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Twin Cities Impact So Far
"It's insane. We cannot keep up," said Arden Hills bankruptcy attorney Barbara May, adding that her monthly filings have grown from 20 to 50. "As soon as this passed the Senate, my phone started ringing," she said.
She's the director of the National Association of Consumer Bankruptcy Attorneys, and catch this: Judges are calling from around the country because they are having difficulty interpreting the new rules!
Just to quantify the impact on a relatively average locale, here's a look at the numbers per the article:
"Minnesota has a low rate of personal bankruptcies compared to other states. However, Chapter 7 filings in the first three months of this year totaled 3,980 -- about 15 percent ahead of the same period in 2004, but below the record level set in 2003."
More after the jump.
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