Personal Bankruptcies up 41% from Last Year

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MSNBC.com has posted an article about the rise in personal bankruptcies. According to the article, 124,790 bankruptcies were filed in September of this year, a 41% increase from September 2008. September 2009 also had the fourth largest amount of filings since the bankruptcy law changed in 2005.

September’s filings pushed 2009 consumer bankruptcies to about 1.05 million, the highest for the first nine months of a year since 1.35 million in 2005.

The American Bankruptcy Institute says the high bankruptcy numbers are because of the high unemployment rate and lagging housing market. The ABI estimates a total of 1.4 million consumer bankruptcies to be filed this year.

We don’t cover bankruptcy, but if you have questions, feel free to contact us to discuss possible options.

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