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Bankruptcy Filings Way Up. 73% File Chapter 7 Bankruptcy.

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

Chapter 7 bankruptcy cases account for 73% of all consumer bankruptcy cases filed.

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.


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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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