Bankruptcy on the Rise – Why You Need the Hard Truth

August 27, 2008 by  
Filed under Budgeting, Debt and Credit

Bankruptcy Filings are Way Up Across the Board

In case you were wondering why you should be reading the hard truth on money and personal finance from Mr. ToughMoneyLove, you need only soak in the sobering news released today about U.S. bankruptcy filings:

Total filings rose to 967,831 from 751,056 for the period ending 6/30/1008, a 29% increase.

Chapter 7 filings rose 36% to 615,748.  (Chapter 7 is for individuals who are liquidating their assets.)

Chapter 13 filings rose 17% to 344,421 (Chapter 13 is for individuals who are on re-payment plans)

Businesses fared no better as Chapter 11 filings rose more than 30% to 7,293 Read more