WSJ: Consumer Bankruptcy Filings Down 5% in July

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.