SOURCE: Macey Bankruptcy Law

Macey Bankruptcy Law

February 13, 2012 18:41 ET

With Personal Bankruptcy Filings Declining, Bankruptcy Lawyers Speculate Possible Causes

Macey Bankruptcy Law Partner Rick Gustafson Says One Reason for the Decline Could Be the Added Demands That the "Means Test" Places on Filers

CHICAGO, IL--(Marketwire - Feb 13, 2012) - A recent article from the Springfield Business Journal reports that national bankruptcy filings have dropped eight percent in the last year, leaving many bankruptcy law attorneys speculating about the cause of the downturn.

One of those attorneys is Macey Bankruptcy Law Partner Rick Gustafson. Quoted in the Journal's article, Gustafson believes that one of the possible reasons for the decline is the increased burden that the 2005 bankruptcy reforms placed on filers.

Under the new reforms, anyone filing for bankruptcy must complete a "means test," which requires additional paperwork documented proof of disposable income. Gustafson says that it is providing the documented proof and of income that is making the bankruptcy process all the more challenging.

"People, in general, are not good record keepers," Gustafson says. "And whenever there is a law change that requires someone to be a better record keeper that creates burdens."

Later on in the article Gustafson indicates that he doesn't expect the recent decline to be permanent. He agrees with the idea that once economy improves, bankruptcies will again be on the rise as people begin to finally deal with the credit issues they encountered during the recession.

However, no matter what the conditions of the economy are, the attorneys at Macey Bankruptcy Law will always remain dedicated to providing the best possible service at the most affordable rates, because no one should have to carry the burden of filing for bankruptcy alone.

For more information about Macey Bankruptcy Law firm please visit www.maceybankruptcylaw.com

Macey Bankruptcy Law is a service of Macey & Aleman and has been representing consumer debtors in bankruptcy cases since 1994. Through tireless hard work, dedication to customer service, and commitment to fair and reasonable fees, Macey Bankruptcy law has been able to help thousands of hardworking Americans get the debt relief they need.