|
|
Article: Bankruptcy filings are on the rise.
- Article from:
- Providence Journal (Providence, RI)
- Article date:
- September 23, 2005
CopyrightCOPYRIGHT 2005 Providence Journal. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Lynn Arditi
Sep. 23--More than 400 people in Rhode Island filed for personal bankruptcy last month, up nearly 50 percent from a year earlier, according to data from the federal Bankruptcy Court in Providence.
The sharp rise in Rhode Island, as in other states, comes as a new federal bankruptcy law is poised to take effect on Oct. 17.
The new law is widely expected to make it harder for debtors to seek protection from creditors under Chapter 7 of the bankruptcy code. Instead, industry experts say, more debtors will be forced to file under Chapter 13, which requires a repayment plan.
Last month, 413 Chapter 7 personal bankruptcy ...