One Million Bankruptcies Filed For First Time Since Bankruptcy Code Was Amended in 2005

J Thomas Black
Board Certified, Consumer Bankruptcy Law- Texas Board of Legal Specialization

According to the American Bankruptcy Institute, U.S. consumer bankruptcy filings increased nearly 33 percent nationwide in 2008 from the previous year. The data showed that the overall consumer filing total for the 2008 calendar year (Jan. 1 – Dec. 31, 2008) reached 1,064,927 compared to the 801,840 total consumer filings recorded during 2007.

This is the first time that national consumer bankruptcy filings have topped the 1 Million mark since the Bankruptcy Code was amended in 2005.

Do you need to know more about how to “survive” debt? The best single book I’ve ever read about it, that is still readable for consumers, is Guide to Surviving Debt (National Consumer Law Center). I highly recommend it.