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October Bankruptcy Rates Continue To Soar

While many economists claim that the most significant recession in recent history is officially at an end, the rate of bankruptcy filings across the United States is still skyrocketing. In addition, some are predicting even higher number next month and on into 2010.

Why are the bankruptcy numbers still going up, for both consumers and companies? Bankruptcy experts point to continued high rates of unemployment as well as the continued weak housing market that has left many families with upside-down mortgages. Many are still just one or two paychecks away from losing their house, keeping food on the table, and keeping their bills paid – while others are struggling with adjustable rate mortgages, medical emergencies without healthcare coverage, or other financial issues. The American Bankruptcy Institute predicts that 1.4 million people in America will file for Chapter 7 or Chapter 13 bankruptcy by the end of the year.

According to data collected by Jupiter ESources LLC, the October 2009 bankruptcy rates were higher than they have been since 2005, when bankruptcy laws were made stricter. In comparison to October 2008, 25 percent more people filed for bankruptcy, for a total of 131,200 bankruptcy petitions in just one month. Since the beginning of the year, 1.2 million people filed for bankruptcy – more than all of the 1.1 million bankruptcy filings in 2008.

Bankruptcy lawyers believe that while the economy on the whole is indeed recovering, certain sectors, such as real estate and finance, are still suffering – and that those involved in hurting industries are still struggling to keep their houses and their financial security.

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