U.S. Bankruptcies Exceeded 100,000 in November
Posted on Jan 8, 2010 1:44pm PST
In November 2009, people throughout the U.S. filed 100,000 bankruptcy petitions for the ninth month in a row. According to the National Bankruptcy Research Center, this brought the total number of bankruptcies to 1.3 million within an 11 month period.
The NBKRC reported that in November 2009, 12% more people filed for bankruptcy compared to November 2008. The Center also reported that
Chapter 7 bankruptcies increased by 42% in 2009 and that
Chapter 13 bankruptcies increased by 12%. These statistics show that more people are choosing to file for Chapter 7 Bankruptcy (liquidation) instead of choosing to repay their bills by filing for Chapter 13.
In 2005, legislation was passed to encourage debtors to repay their debts by filing for Chapter 13 Bankruptcy. However, more debtors have decided against that route in 2009.
The National Bankruptcy Research Center reports that Nevada had the highest household-adjusted filing rate at 2.5 times the national average. Other states in the top five are Tennessee, Georgia, Alabama and also Indiana.
Other states experienced huge increases in bankruptcy filings since 2008. The number of bankruptcies filed in Arizona increased by 80%. Other states with increases were Nevada, California, Wyoming and Utah (all averaged 60% increases).
If you are planning to file for consumer bankruptcy,
click here to find a bankruptcy attorney!