Personal Bankruptcies Skyrocket in March

Filed under: Consumer Experience, Economic Data, Personal Finance, Recession

This statistic is mind boggling! Federal courts reported 158,000 bankruptcy filings in March. That amounts to 6,900 per day and a rise of 35% from February, as stated by Aacer, a court electronic records data collection agency.

The reason for this jump is obvious. Unemployment is rising to nearly 17% for all categories labeled by the U.S. Labor Department. Katherine M. Porter of the University of Iowa said: "Fewer people are trying to save their homes. ... They realize their payments are not affordable and bankruptcy judges do not have the power to adjust the mortgages to make them more affordable."

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Personal Bankruptcies Skyrocket in March originally appeared on BloggingStocks on Sat, 03 Apr 2010 12:40:00 EST. Please see our terms for use of feeds.

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