Since everyone loves a growth story, I thought I’d chime in with this lovely statistic on personal bankruptcy filings:
According to the American Bankruptcy Institute, total bankruptcies will exceed 1.4 million for 2009, this is the highest number since 2005, and represents a 30% jump from last year’s total of 1,074,225.
Now before you get excited and say, “well then I guess things are better now than they were in 2005”, remember that the new bankruptcy laws took effect that year. That rule change led to a massive filing surge as people sought to beat the deadline rather than miss out on some of the protections that were to be taken away.
Here are a few other choice tidbits from a just-released report from the ABI:
- 135,914 consumers filed for bankruptcy in September
- Personal bankruptcies increased by 9% from September to October
- The number of personal bankruptcies in October increased by almost 28% versus October of 2008
“And I think to myself…what a wonderful world.”
Not to worry, though…everything is business as usual in taxpayer-funded Bonusland. The Tri-State area Lexus dealerships will runneth over this holiday season.