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Consumer Bankruptcy Filings on the Rise Already in 2010

Bankruptcy Law

Thinking of filing for Bankruptcy? You are not alone.   According to the American Bankruptcy Institute, over 111,000 consumer bankruptcies were filed in February 2010.   This is a 14% increase when compared to the close to 98.000 filings in February 2009.    It is also close to a 9% rise from January 2010.  

"While Congress and the Obama administration continue to consider measures to reduce high unemployment and mortgage burdens, families with increasing debt loads have little choice but to continue to turn to bankruptcy for financial relief," said ABI executive director Samuel Gerdano.

Gerdano said that the number of bankruptcies filed this year could surpass 1.5 million. Meanwhile, a report from the Administrative Office of the U.S. Courts shows that the number of consumer and business bankruptcy filings was up 31.9 percent in 2009. All year, 2009 saw over 1.4 million bankruptcy filings.

If you aren't sure if Bankruptcy is right for your situation, make sure to contact Jacoby & Jacoby today to schedule a free consultation.   We have evening and weekend hours available and payment plans if qualified.


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