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5 Out of Every 1,000 Americans Filed for Bankruptcy in 2010

The total amount of bankruptcy filings for 2010 increased eight percent from 2009 amounting to 1.53 million bankruptcies in the US. That means that five out of every 1,000 Americans filed for bankruptcy.

Of these personal bankruptcy filings seven out of ten were under Chapter 7 bankruptcy. This type of bankruptcy allows the individual to discharge their debts, rather than in a Chapter 13 bankruptcy where a court supervised repayment plan is created.

Of the states that are experiencing the highest rates of bankruptcy filings, Georgia and Tennessee continue to occupy the number two and three spots for bankruptcy-prone states. Georgia is in second place this year with 7.92 filings per 1,000 residents. In contrast Alaska is the state where residents are least likely to file for bankruptcy, measuring in at just 1.6 filings per 1,000 residents.

Overall the total amount of bankruptcies filed across the country is nearing the 2.1 million high recorded in 2005. In October of that year more than 630,000 rushed to file for bankruptcy protection before the effects of the Bankruptcy Abuse Prevention and Consumer Protection Act set in.

When preparing to file for Chapter 7 or Chapter 13, it is always advisable that you hire a Chicago bankruptcy lawyerContact our law firm now!

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The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

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