Bankruptcies continue to increase as consumers deal with debt problems
As consumers continue to have problems with managing money and debt problems, a recent report shows that bankruptcy filings continue to increase in the country.
According to the National Bankruptcy Research Center, filings in November came to more than 110,000, which marks the ninth month in a row in which they came in above 100,000. On a year-to-date basis, bankruptcy filings totaled more than 1.3 million, which is 32 percent higher than was seen in 2008.
“The proportion of bankruptcies filed jointly has also increased from 30 percent to 36 percent over the past year, as more families seek relief through bankruptcy at the national, regional, and local level,” Chris Lundquist, president of Lundquist Consulting Inc., of which the NBRC is a subsidiary, said.
The report from the NBRC mirrors recent findings from the Associated Press, which showed that bankruptcies were up 32 percent in 2009. The AP’s study of bankruptcies show there were a total of 1.43 million filings in 2009.