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Wednesday, June 3, 2009

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via Pak Alert Press by pakalert on 6/3/09


By Péralte C. Paul

The Atlanta Journal-Constitution

Tuesday, June 02, 2009

U.S. consumer bankruptcy filings soared 37 percent in May compared with the same period last year, according to figures released Tuesday by the American Bankruptcy Institute.

going out of business

The figures, using data compiled by the National Bankruptcy Research Center, show total filings in May were 124,838, up from 91,214 recorded in May 2008.

Last year's figure was a jump of nearly 30 percent from 2007.

At that pace, the ABI expects more than 1 million will seek bankruptcy protection by December.

The trend is being fueled by the economy as companies shed employees, who in turn fall into financial straits, unable to pay their bills.

"As consumers continue to face increasing levels of unemployment and rising foreclosure rates, bankruptcy filings will continue to accelerate as families seek financial relief from the tough economic climate," Samuel J. Gerdano, the ABI's executive director, said in a statement. "We predict more than 1.4 million new bankruptcies by year end."

A large chunk of filings this past May — 27 percent — were Chapter 13s. That type of filing allows a consumer with regular income to budget some of his or her future earnings to repay unsecured creditors either partially or completely.

But the percentage of Chapter 13s was lower than last year's figure of 31.9 percent, reflecting the tight economy as the national unemployment rate has edged higher to 8.9 percent. (In Georgia, the rate is 9.3 percent.)

State by state figures for May aren't expected to be released for an additional two weeks, but in the first quarter, total filings — which include businesses and consumers — rose 36 percent in the U.S. Bankruptcy Court's Northern District of Georgia, which includes Atlanta.

The court expects total filings for the year to exceed those in 2008.

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Posted in whatreallyhappened.com Tagged: America, American Bankruptcy Institute, bankruptcy, bankruptcy filings, Chapter 9 bankruptcy, economic collapse, economic crisis, economic decline, economic meltdown, economic recession, financial crisis, financial meltdown, Georgia, global recession, Jobless, joblessness, National Bankruptcy Research Center, Project 2012, unemployment, United States, US recession, USA

 
 

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