David Ingram, of the LegalTimes blog, reported on some startling statistics about sharply increased bankruptcy filings this year over last year.
While overall bankruptcy filings are up 35%, the numbers for Chapter 7 liquidation filings by individuals and Chapter 13 filings by companies are much starker. Chapter 7 filings are up 47% and Chapter 11 filings by companies are almost double what they were last year, at 91% according to the U.S. Bankruptcy Courts.
While this information may certainly take away some of the stigma that individuals who are in need of bankruptcy protection may feel, it represents a startling indication of the financial difficulties many people are facing.
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