Bankruptcy on the rise, area lawyers say

Posted by: Sarah Reilly

By Rudi Keller

Southeast Missourian

Bankruptcy is a debtor's last resort for relief from the stress of dealing with creditors who can't be paid.

It's a step that can bring embarrassment, a sense of failure and the loss of possessions amassed over years of hard work. But as the economy soured during 2008, more and more Southeast Missourians sought protection from their creditors.

Bankruptcies in the Southeastern Division of the U.S. Bankruptcy Court for the Eastern District of Missouri increased 29 percent in 2008 compared to 2007. Filings were 77 percent higher than in 2006. And an increasing number of people from throughout the Eastern District are using the courts to eliminate their debts.

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