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Bankruptcy Rates Skyrocket 20 Percent In Missouri Ozarks

It is interesting to examine national bankruptcy statistics as the economy struggles to improve, but what is happening locally in regards to personal bankruptcy rates? According to the Springfield Business Journal, Western Missouri’s economy is still badly damaged and bankruptcies are up for both individuals and businesses in 2009.

In Springfield, Chapter 7 bankruptcies were up 18 percent while Chapter 13 bankruptcies were up 13.4 percent over 2008. Business bankruptcies were also up, by 90 percent, with 40 businesses seeking reorganization bankruptcy in 2009 as compared to 21 in 2008. All in all, according to the U.S. Bankruptcy Court in the Western District of Missouri there were 3,014 bankruptcies in 2009 as compared with 25,53 in 2009.  These are the highest rates of bankruptcy seen since the bankruptcy reforms of 2005.

Economists say that the recent recession is still tallying casualties in the Ozarks, with the poor real estate market and the poor job market contributing to a high rate of bankruptcies. In addition, the difficulty of securing credit is also harming both families and businesses in the area. Experts say that small real estate businessmen were also hit hard in the last few years. In other cases, some of those who have lost their job have not been able to find work before their unemployment benefits run out. 

The U.S. Bankruptcy Court Western Division includes Springfield, Joplin, Carthage, Jefferson City, Kansas City, St. Joseph, and surrounding areas.

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