Bankruptcy is very much in the news nowadays and with good reason. The last year has seen so much activity in the US, especially with rising foreclosures that you would be forgiven to believe that the single largest news maker emanating out of the US has been bankruptcy not only in corporate America but also among individuals. Most bankruptcy lawyers and counsel firms are now in great demand. The economic scenario has meant that even judges have no respite as they have to oversee and look at so many cases and the number of which has not been seen since the time of the Great Depression way back in the 1930s.
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Bankruptcies are no longer taboo or a dirty word in US life. People are going into debt just like that and if a company like GM could go under, well anyone can. Bankruptcy judges are appointed by the US federal court for a period of 14 years and they are appointed in the circuit of the district where the judge is stationed. There are a total of 94 judicial district courts in the US and this system can be traced back to the decree in 1979 of the US Congress. In most courts, bankruptcy matters are decided upon by judges and their say is final. An appeal on a decision by such a judge can go to the district court and in some cases to a appellate panel.
This is a sensitive issue that impacts so many Americans. It is estimated that more than 900,000 Americans file for bankruptcy annually and this is really no mean number. Add to it the families of the affected and you have more than 4-5 million people affected by it and the pain and the hassles that people face. It is quite important to give it the care and concern that it deserves so that the problems and trauma of people may be mitigated. This is extremely significant an crucial in this day and age in the US.
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