Monday, August 22, 2011

Bankruptcy Filings Rising with Unemployment
According to the National Bankruptcy Research Center, bankruptcy filings throughout America have risen continually since 2007. It was in 2007 that the United States tumbled into a deep recession. With unemployment figures flirting near 10% bankruptcy filing also rose in October.
Currently 1 in every 175 American is filing for bankruptcy. According to the National Bankruptcy research centre October typically sees the highest filings of the year; the good news is that filings in October of this year were three percent lower than filings in October 2009.
The data continues to show a domination of Chapter 7 filings filings; only 30% of the October filings sought relief under Chapter 13. In 2005 there was a big push in bankruptcy legislation to encourage consumers to choose Chapter 13 rather than Chapter 7.
The States with the highest share of Chapter 13 filings remain concentrated in the Gulf Coast. Thus, 62% of filings this year in Louisiana have been under Chapter 13, with similarly high shares in Alabama (56%) and Texas (50%). For more see

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