Reporter's notebook: Pardon Jefferson County, but fewer Alabamians resorting ...
Jefferson County's headline-grabbing bankruptcy comes as the number of Alabamians going belly-up, financially speaking, is on the decline.
The number of personal bankruptcies in the state has dropped for four straight quarters, according to the latest figures from the American Bankruptcy Institute , an Alexandria, Va.-based research firm.
In the second quarter of this year, the latest period for which there is data, there were 7,417 personal and business-related bankruptcies filed in Alabama. The number of Alabama filings has been falling ever since hitting a combined total of 8,687 in the second quarter of 2010.
Bankruptcy filings in the state are down significantly since hitting a record 9,104 in the third quarter of 2009, during the height of the recession, according to American Bankruptcy Institute figures.
Alabama has joined a national trend, in which U.S. personal bankruptcy filings totaled 106,255 during October, down nearly 20 percent from a year earlier, according to the American Bankruptcy Institute's analysis of data from the National Bankruptcy Research Center.
"The declining filings correlate to tightened consumer spending and the overall pull back in consumer credit associated with a stagnant economy," American Bankruptcy Institute Executive Director Samuel J. Gerdano said in a statement. "We expect total 2011 consumer filings to be less than 2010."
Brad Botes, a partner in the Birmingham-based Bond and Botes law firm, which represents bankruptcy clients across the Southeast, said he is not surprised that the number of filings are on the decline from the height of the economic downturn two years ago.
"The numbers reflect a sense of hopelessness," Botes said. "Bankruptcies are down significantly from last year. I think that shows that a lot of people suffering in this economy have given up and feel there is no way out so why file."
Botes, however, said he believes bankruptcy filings could soon begin to rise as the state and national economies remain sluggish, with Alabama's jobless rate remaining near double digits (9.8 percent in September). The metro Birmingham unemployment rate was 8.9 percent in September.
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We've heard from clients who spent thousands of dollars on those debt companies and gotten ripped off by pay-day loan and cash advance companies that prey on the poor." Botes said he believes last week's Chapter 9 filing by Jefferson County,
The retirements of two other Bay delegates, Republicans Harvey Morgan of Gloucester and Glenn Oder of Newport News, could be a boon for another business that showers the legislature with contributions: payday lending. Morgan and Oder are among the
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