According to an article in the Bloomberg, U.S. consumer bankruptcies rose past 1 million during the first nine months of 2009. That's the highest number of bankruptcies since the 2005 changes to bankruptcy laws.
The article said:
"Personal bankruptcies totaled 1,046,449 for the period, according to the American Bankruptcy Institute and National Bankruptcy Research Center. For the first nine months of 2005, the figure was 1.35 million."
The number of Americans filing bankruptcy is a reflection of our economy's fragile state. Many Americans have already faced job losses, salary reductions and a cut in their benefits which has created a crunch in their household budgets. They can no longer afford to maintain their lifestyle and in many cases even the basics are in jeopardy. Foreclosures and medical debt are the leading causes of bankruptcy filings as Americans struggle to remain in their homes and maintain medical treatment even after losing their healthcare coverage after a job loss.
Juggling the two can be more than a challenge. If you're facing long-term unemployment, foreclosure or other debt problems you may want to consider bankruptcy. Bankruptcy can help you save your home from foreclosure, while discharging unsecured debt such as credit card debt and medical bills. Do not wait until the last moment to consider your bankruptcy options. As soon as you realize that your financial situation is unstable, speak with a Dallas-Fort Worth bankruptcy attorney immediately.