The latest year-on-year bankruptcy numbers are out and nobody should be surprised that bankruptcy filings are way up. In the year ending September 30, 2010 the number of Chapter 7 bankruptcy filings was up 14% and Chapter 13 bankruptcies were up 8%. – Source
Now you can see why it frustrates to no end when debt relief companies and specifically debt settlement companies keep saying on their websites that “the vast number of consumers file a Chapter 13 bankruptcy.” It is just not true.
From the chart below you can see which part of the country were hit hardest by bankruptcy filings.