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U.S. Bankruptcy Filings Rise 20% in 2010

Everyone is aware that the United States has been in a recession. Unemployment has been high and spending has been low. New figures, however, make the recession even more scary.

From June 2009 to June 2010, 1.5 million Americans filed for bankruptcy. This figure is up 20% from the prior year, and that figure was substantially higher than the years prior to it. Is there an end in sight for bankruptcy filings? The statistics show that individuals were hurt harder than businesses - indeed, Chapter 7 and Chapter 13 both rose by at least 10%, whereas Chapter 11 filings rose by only 2%. Chapter 12 bankruptcy, which is primarily for family farmers, also rose dramatically.

If you are in over your head financially, it may be helpful to discuss your situation with a legal professional. Contact a Long Island Bankruptcy Lawyer at Jacoby & Jacoby today!
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