Hello readers - as usual, as I hear of new Bankruptcy news I will update this blog post.
Some say consumer bankruptcies are on the rise (in 2006 there were less than 600,000 filed; last year (2010) there were 1.4 million, and this year (2011) is on pace to top 1.6 million). The rules to make bankruptcy filing more difficult were instituted in 2006, but that hasn't stopped the growth due to severe economic forces.
According to Page 30A of the Atlanta Business Chronicle, November 12-18, 2010, 1.2 million bankruptcies were filed in 2010 (up 11% from 2009) and 43,016 were business bankruptcies and that number was down about 6%.
Per the 8-5-2010 WSJ (Page A2), Georgia had 6 of the top 10 counties in the US for filing bankruptcies - Only about a quarter of them file Chapter 13 (restructuring) and almost 75aa% filed for Chapter 7 (complete) bankruptcy.
Regardless of whose numbers are accurate, it is distressing to see so many bankruptcy filings
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