Cincinnati bankruptcy filings way down

Reporter Alexander Coolidge reports for the Cincinnati Enquirer that filings are down two thirds under the new law.

David Kruer, a bankruptcy lawyer with an office downtown, said he’s beginning to see filings return to normal volume after flood last fall that slowed to a trickle early this year. He estimates new clients filing recent are at about 80 percent of the same level they were last year before the rush.

“Bankruptcy is alive and well but there’s a bunch of painful new hoops to jump through,” he said.

Other lawyers note another development since the law change that might be keeping filings down is increased expenses. Because attorneys are required to do more in under the law, the going local rate for a Chapter 7 bankruptcy has jumped from around $700 to easily $1,000.