The Wall Street Journal is reporting that consumer bankruptcy filings were
down 5% in July from a month earlier. The commentary suggests that consumers are starting to get a handle on
their household balance sheets. While that may be the case due to foreclosures
which relieve a significant amount off the balance sheet, I think the
untold story here is that a lot of people need to file, but cannot even
afford to hire an attorney and (justifiably) don’t feel comfortable
trying to navigate the bankruptcy process without one.