Blog: Number of Bankruptcy Filings Rises More Than 34 Percent
Added February 3, 2009 by Melanie G. RogersA total of 88,773 consumer bankruptcy filings were made in January. That's up 34.4 percent from a year ago, according to the American Bankruptcy Institute.
In December 84,926 filings were made.
Of the January filings, more than 32 percent were Chapter 13 - meaning that the debtors wanted to keep some of their assets through a repayment plan.
"U.S. households are under great financial stress today; for many, bankruptcy seems to be their best option," said Executive Director Samuel J.Gerdano. "We expect more than 1.4 million new cases filed in 2009."
If you're considering bankruptcy you may want to first consult with a non-profit credit counselor. You can find one at the National Foundation for Credit Counseling: http://www.nfcc.org.
Feb. 3, 2009.
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Comments
Harper says
Bankruptcy filings for large business firms have become pandemic across the globe, including U.S. firms that have traditionally been mainstays. Some bankruptcy filings came as surprises and some not so much. For instance, Gottschalks, a clothing retail chain on the West Coast, Hartmax, the tailored clothing company that President Obama gets his suits from, and Magna Entertainment, the company that owns the racetrack that hosts the Preakness. A payday loan couldn't save them. More filings are expected to follow. Some of these smaller firms weren't given the option of <a href="http://personalmoneystore.com/moneyblog/2009/04/27/payday-loan-beats-big-business-bust/">debt relief</a> from the taxpayers, but many more bankruptcy filings are sure to follow.