Report: The Numbers Of People Filing For Bankruptcy Is Up

bankruptcy

More people are filing for bankruptcy.

The American Bankruptcy Institute says that filings exceeded 100,000 in October. That's up 40 percent over October last year... and up 20 percent from this September.

So far this year consumers have filed more than 880,000 bankruptcy petitions... almost 60,000 more than all of 2007. This is the first time a month's filings has topped 100,000 since revised bankruptcy laws went into effect under the bush administration.

Chapter 7 filers now have to undergo a review to see if they have enough income to pay some part of their debts.


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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by Kim on Nov 5, 2008 at 02:10 PM
    To Pirate: Don't worry about your tax money going to help out those that file bankruptcy, remember it is going to be spread around:)
  • by Paralegal Location: New Bern on Nov 5, 2008 at 07:35 AM
    I work for an attorney that handles bankruptcy and not everyone who files for bankruptcy makes bad decisions. Unfortunate events happen; people get sick and can't work, they go through divorces or they lose their jobs which all equates to a loss of income. Granted there are some who try to live outside their means and end up having to file. But the majority of the people we help fit in those first categories I listed. They do everything they can to avoid it, but sometimes they don't have a choice and it's their only resort. So please don't make snap judgements for you may end up on that side of the fence one day.
  • by Pirate Location: Greenville on Nov 5, 2008 at 07:02 AM
    Great. Even more people that will need my tax dollars to fix their bad decisions...
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