2009 Bankruptcies Up 32 Percent

U.S. consumers and businesses are filing for bankruptcy at a pace that made 2009 the seventh-worst year on record, with more than 1.4 million petitions submitted.

An Associated Press tally found 1.43 million filings, an increase of 32 percent from the previous year. There were 116,000 recorded bankruptcies in December, up 22 percent from the same month a year before.

Filings have been rising steadily each year since the beginning of 2006, shortly after Congress overhauled the U.S. bankruptcy system.

Bankruptcies surged to around 2 million in 2005 as consumers rushed to file before the new law took effect but then plummeted in 2006. They've been climbing ever since.

The West saw a particularly fast rise in 2009, with Arizona jumping 77 percent and Wyoming up 60 percent from 2008.

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  • by US citizen for now Location: Washington on Jan 5, 2010 at 11:22 AM
    WOW. Just evidence that Obama's stimulus package paid off. More debt that businesses will have to swallow and tax payers have to pay for in the long run. Obamanomics. Socialnomics. Communamics.
  • by joe on Jan 4, 2010 at 07:59 PM
    Americans need to stop leasing their lifestyle and learn to live on what we make.
  • by Buzz Location: MillCreek on Jan 4, 2010 at 05:56 PM
    Sterling enconomic report. legislators and mr. O, you Rock!!! hey I have an Idea, Let's borrow 2 more trillion dollars. Buzz-
  • by Earl Location: Pitt County on Jan 4, 2010 at 05:24 PM
    How's that change working for you now?
  • by Vance on Jan 4, 2010 at 05:00 PM
    Well you aint seen nothing yet.I went to get groceries this morning and a dang chicken,a whole chicken not cut up was $8. The value of the dollar has already plummeted do to this stimulating stimulus.Everybody watch what I tell you by November(I really want to say August)there will be rioting in the streets and bread lines starting.This Country has seen its better days and now they are gone forever.If you have enough money to leave this country,LEAVE NOW.Or make a STAND AND BE A MAN AND BE A MAN AND YOU WILL HAVE A NEW LIFE PLAN!And get these people out of office in 2010!

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