Posts Tagged ‘credit crunch’

According to a recent Times article, Downturn Pushes More Toward Bankruptcy, March 2010 marked the highest month of bankruptcy filings since the financial crisis started, with almost 6000 bankruptcy petitions filed each day on average. This marks a 9 percent increase from th e month before, and a 38% increase year over year.  In all, 130,000 people filed for bankruptcy in March.

Some of the most common reasons that individuals file for bankruptcy include:

  1. Unemployment
  2. Foreclosure
  3. Divorce
  4. Disruptive Health Problems

As a result of last year’s weakened economy, and its repercussions (the unemployment rate is still rising, as are foreclosure numbers) the amount of people exposed to these situations has grown larger than in the past. (more…)