Unemployment figures are still rising and foreclosures and homelessness are still plaguing many Americans. No wonder personal bankruptcies jumped up to 41% in September compared to last year. It also saw an increase from August.
Filings for personal bankruptcies for September amounted to 124,780 according to the American Bankruptcy Institute. That represents a 4% jump from August. So far, the filings amount to about 1.05 million for the year.
And experts from the ABI still expect the number to rise as unemployment is still expected to get worse even though housing and real estate data look to be recovering quite nicely.
While 2005 figures might look more dire, it’s only mostly because of those who rushed to file before the law got changed. The current figures reveal a more distressed population due to the global financial crisis.
Source: MSNBC
