You are not Alone: Federal Courts Report Record Bankruptcy Filings
Posted By
Majed on May 23, 2010 7:00am PDT
According to the United States Courts website, bankruptcy filings between March 2009 and March 2010 are at a record high. The United States has not seen this many bankruptcy filings since March 2006. According to the site, over 1,531,997 bankruptcies were filed in March 2010 compared to 1,202,395 twelve months prior.
The vast majority of these are Chapter 7 and Chapter 13 filings. Of the 1,531,997 bankruptcies filed in 2010, 1,470,849 were personal, up 28% from the previous year. Breaking down the personal bankruptcies, Chapter 7 filings rose 34%, from 819,304 in 2009 to 1,100,032 in 2010. Chapter 13 filings saw a 30% increase, from 15,251 in 2010, compared to 11,774 in 2009.
The evidence indicates that you are not alone. Many Americans are considering personal bankruptcy as a viable option to a fresh start. If you have been contemplating bankruptcy or are just curious about what your options are, a skilled Fears | Nachawati Law Firm attorney is available to consult with you.