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U.S. bankruptcies at five year high

The Administrative Office of the U.S. Courts this week released a report that shows an increase of 9 percent in bankruptcy filings between April and June this year as compared to last. There were 422,061 bankruptcy filings this year, from 388,148 in the prior three-month period, and up 11 percent from 381,073 a year earlier.

Ultimately, these numbers show that U.S. bankruptcy filings have reached their highest levels since 2005.

From June 30, 2009 to June 30, 2010, there were 1.57 million bankruptcies, up 20 percent from 1.31 million a year earlier. Consumer bankruptcies rose 21 percent to 1.51 million, and business bankruptcies rose 9 percent to 59,608.

“We know the causes of bankruptcy are principally job losses and health care, with the overlay of the foreclosure crisis,” said Deborah Thorne, an associate professor of sociology at Ohio University. “It feels very unsettled, and I’m not surprised the numbers are going up. Until we get our feet on the ground, provide decent-paying jobs, and do something with the housing crisis, bankruptcies will continue to go up.”

If you or a loved one is considering filing for bankruptcy, you need experienced legal representation on your side. Contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

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