The U.S. Sees a 24 Percent Increase in Bankruptcy Filings

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

The American Bankruptcy Institute reported that the 119,874 consumer bankruptcy filings in August represented a 24 percent increase over last year’s monthly total, according to the ABI, relying on data from the National Bankruptcy Research Center. Although an increase over the previous year, the August 2009 consumer filings represented a 5 percent decrease from the July 2009 total of 126,434. Chapter 13 filings constituted 28.3 percent of all consumer cases in August, unchanged from the July rate.

Unfortunately, there are still a lot of people needing bankruptcy relief, especially with the economy the way it is, and so much unemployment. I see a lot of people that are “baby-boomers” that are now suffering with major medical issues, or disability, and that brings on a lot of bankruptcies.

August Consumer Bankruptcy Cases Up 24% Over Last Year