Bankruptcy Filings Resume Upward Climb

According to Reuters, bankruptcy filings in the United States are continuing to increase.  The first quarter of 2010 showed that bankruptcy filings in the country had almost reached the highest level since 2005.  It is reported that the high unemployment rate and tough housing market are issues that are pushing people toward filing for consumer bankruptcy.

Between January and September, there were 388,148 filings - a 17% increase compared to the same time period last year.  The Administrative Office of the U.S. Courts reported that consumer bankruptcy filings rose by 18% to 373,541.  The Office also said that business filings increased by 2% with 14,607 petitions filed.

President of the Association of Independent Consumer Counseling Agencies, David Jones, said, "We're not anyway near through our housing situation, and are going to see more foreclosures, perhaps for another three years."  He also said that the unemployment rate was a serious concern as people are without jobs or are earning reduced wages.

If you are planning to file for consumer bankruptcy, you should discuss your options and alternatives with an experienced bankruptcy attorney.