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The severe press of unemployment is forcing more and more Americans into bankruptcy. In the past nine months, there were 1,046,449 personal bankruptcies. This compares with 773,810 in the same period last year.
The National Bankruptcy Research Center reported that, in the month of September alone, we had 124,790 personal bankruptcies, up 41% from a year ago.
US bankruptcies in the first quarter were the highest since 2005. You might ask what happened in 2005 to cause a high bankruptcy rate? In that year there were a rush of bankruptcies ahead of a new bankruptcy law that was designed to curb abuses. The law took effect in October 2005.
Now to the present. Let's look at the numbers:
Continue reading US bankruptcy filings are still climbing at the highest rate since 2005
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