Federal Reserve Chairman Ben Bernanke announced that in 2007 there were 1.5 million home foreclosures, up 53 percent from 2006, and it looks as though 2008 the rate of new foreclosures will be even higher. One of the issues debated in Congress is whether...

Consumer bankruptcy filings are on the rise due to mounting consumer debts, medical debts, and sub-prime mortgage foreclosures. For example, filings increased 37.1% nationwide in June 2007, compared to June 2006. In particular, bankruptcy filings for those...

The economic slowdown that began early in 2007 will continue to increase companies’ bad debts and risks and was predicted to result in 30,000 business bankruptcy filings for 2007, a 51% increase over 2006. As a result, midsized and large law firms...