Personal Bankruptcies Surge

[pennypinch]

I read that personal bankruptcies have surged 9% in October of this year. We are right on target to hit the highest amount recorded in the last four years! Just last month, 135,914 consumers filed for bankruptcy!

"The nearly 9% increase in consumer bankruptcy filings in October, together with a 7% jump reported in business cases, demonstrates the sustained stress on the U.S. economy," said ABI executive director Samuel Gerdano.

cnn.com

They expect the number of bankruptcies to exceed 1.4 million this year alone. Thats the highest since 2004 and a 30% increase since last year.

With unemployment rising and the fact that so many people are dealing with credit card debt and loans it's no wonder so many are filing chapter 13.

[ClassyLady]

This is so sad to see.. but it is happening everywhere. We all need to pray that things will turn around.