The beginning of the year 2010 was the start of a new decade and the start of a new era of optimism in our country. The first decade of the 21st century was marred by a terrorist attack of epic proportions followed by war, economic recession, and staggering unemployment rates. The hope for new optimism this decade was spurred by favorable economic reports of recovery. However, the bankruptcy rates have not caught up to the recovery and are still coming in at very high rates.
According to the American Institute of Certified Public Accountants, bankruptcy filings were 17.5 percent higher for the first three months of this year than they were during that same period last year.
• According to the institute there were 388,148 cases of Chapter 7, Chapter 11, and Chapter 13 in the first quarter of this year
• The Labor Department reported an increase in private job rolls from 2.8 million to 3.1 million from April to March 2010
Chances are that the bankruptcy rate is slowly but surely catching up to the increase in jobs and improving economy. Although it is likely that bankruptcy rates will continue to rise for the rest of the year, there is hope that they will start to decrease to more respectable numbers as the country continues to rebound.
Is Bankruptcy Right for You?
Bankruptcy sometimes cannot be avoided and instead must be faced head on. If you are facing serious financial debt that cannot be remedied through debt consolidation or debt management then bankruptcy may be right for you. Talk to a licensed bankruptcy attorney today about the extent of your debt and whether bankruptcy is your only option remaining.
