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Missouri Bankruptcy Filings Continue to Soar – 23% This Federal Fiscal Year

Just as economists and bankruptcy experts predicted, bankruptcy rates are up again this year in the state of Missouri, with more than five out of every 1000 people across the state filing for bankruptcy during the 2009 federal fiscal year. This number is a 23 percent increase from the 2008 filings. The federal fiscal year ended on September 30 and the bankruptcy statistics were released last Wednesday by government officials.

Both personal bankruptcy filings and business bankruptcy filings increased this year – an increase that is blamed on the continuing high unemployment rates, the struggling housing market, and the economy as a whole. Bankruptcy rates in Missouri have not been this high since the bankruptcy reform laws took effect in 2005.

In fiscal year 2009, 30,025 people across Missouri filed for bankruptcy in the state’s federal court districts. Last year, 24,216 people petitioned for bankruptcy in Missouri.

Nationally, the number of bankruptcy filings was up 33 percent – with 1.4 million people declaring bankruptcy across America. Last year, just over 1.1 million people petitioned for bankruptcy. Business bankruptcies jumped 32 percent this year, with 45,510 companies filing so far in 2009.

Chapter 7 bankruptcies rose a shocking 42 percent, with 265,721 individuals filing in the third fiscal quarter. Chapter 13 bankruptcies, also known as reorganization bankruptcies, rose 15 percent, with 107,142 individuals filing in the third fiscal quarter. Nevada led the country in most bankruptcies per capital. 

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