After BAPCPA went into effect in October, Chapter 13 filings slightly led Chapter 7 filings for the remainder of 2005. However, it looks like that tide is turning already. According to data released by LexisNexis this week, only nine states reported higher Chapter 13 filings in the first quarter of 2006.

In March, more 60% of consumer bankruptcies were filed under Chapter 7. Perhaps even more significantly, the total number of bankruptcy filings in March exceeded 50,0000--more than double the number filed in January of this year.

Perhaps as the effects of the huge increase in filings last October dissipate and the misinformation leading consumers to believe that Chapter 7 is out of reach is gradually corrected, the fluctuations of the past six months are finally stabilizing.