Bankruptcy Filings up 100 Percent from 2007: Americans Financially Unable to Meet Current Debt Payments. 85 Percent of Chapter 7 Filings are Classified as No-Assets

Posted on December 8, 2009. Filed under: Uncategorized |

From mybudget360.com:

The U.S. Courts released data last week closing out the 2009 fiscal year.  In the release we find that bankruptcy filings are up 100+ percent from 2007.  No other economic vehicle shows deeper signs of financial strain than bankruptcy.  Bankruptcy is the end of the road for many Americans.  Although businesses file for bankruptcy as well the vast majority of filings come from individuals simply not able to meet the demands of their monthly payments.  Average Americans are looking at the recovery talks but the reality on the street is much different.

This article also contains a very interesting bar graph chart that tracks bankruptcy filings since 1995.

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