A note to those who have taken all the positive financial and economic data released recently to offer proof the recession is over–consumer bankruptcies soared last year.
U.S. consumer bankruptcies increased 9 percent nationwide in 2010 from the previous year, according to the American Bankruptcy Institute (ABI) relying on data from the National Bankruptcy Research Center (NBKRC). The data showed that the overall consumer filing total for the 2010 calendar year (Jan. 1 – Dec. 31, 2010) reached 1,530,078 compared to the 1,407,788 total consumer filings recorded during 2009.
The trend may worsen this year as the number of people who have been employed for a long number of months increases. The failure of home prices to rise will also contribute to the financial pressure on people with high mortgages.
Douglas A. McIntyre
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