The Wall Street Journal reports that the effectiveness of bankruptcy laws which were reformed about 4 years ago are at best dubious, as a growing number of middle-class Americans have filed for bankruptcy protection. The surge is blamed on rising joblessness and the depressed housing market. Says the newspaper:
"Overall, personal bankruptcy filings hit 1.41 million last year, up 32% from 2008, according to the National Bankruptcy Research Center, which compiles and analyzes bankruptcy data. It is the highest level of consumer-bankruptcy fillings since 2005. Consumers rushed to file in 2005 before the new bankruptcy laws took effect in October of that year.
"Chapter 7 filings were up more than 42% as of November 2009, compared with the same period a year earlier, according to the research center."
The whole story is at www.wsj.com
Related reading:
Personal Bankruptcy Laws For Dummies (For Dummies (Business & Personal Finance))
Bankruptcy, Foreclosure, Short Sales & Rebuilding your Credit - FINANCIAL RECOVERY
The New Bankruptcy: Will It Work for You?
When You Have to File for Bankruptcy: Step-by-Step Instructions to Take Control of Your Financial Future
No comments:
Post a Comment