Sunday, October 4, 2009

Consumer Bankruptcy Filings on the Rise



By: Nicole Nelson


In 2005, bankruptcy laws were changed in order to try to alleviate the number of people that were filing for bankruptcy in order to eliminate debts that they owed. During the first nine months of 2009, the number of consumer bankruptcies filed has been the highest it has been since the laws were changed back in 2005. September’s filings alone were 41% higher than they were in September of last year. Although, as mentioned, bankruptcies are the highest they have been in a while, experts believe that the number of filings will continue to rise throughout the end of the year because of the rising unemployment rate and housing debt. The total expected number of bankruptcies in 2009 is 1.4 million. As of the end of September the number of bankruptcies was at 1,046,449. This number is still far away from the record of 2.1 million that happened in 2005. This number was so high because of a rush to file bankruptcies before the laws were changed. Also, although it has been reported that the housing market might be stabilizing and consumer confidence might be recovering, filings rose four percent since August.




5 comments:

  1. Very interesting article. Not sure the rate at which it is rising but its already past a million with three months to go!

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