The bankruptcy tsunami gains momentum

bankruptcy courtIt looks like there’s no slowing down the flood of bankruptcy filings, and there’s no end in site.

According to this article, bankruptcy filings were up in 2010 to their highest levels yet with almost 1.5 million Americans turning to the courts for protection from an unmanageable debt load and a stagnating economy.  it also appears that this is going to continue to rise for the foreseeable future.

“The steady climb of consumer filings notwithstanding the 2005 bankruptcy law restrictions demonstrate that families continue to turn to bankruptcy as a result of high debt burdens and stagnant income growth,”

It looks like the 2005 amendments to the bankruptcy code that were so heavily backed by the credit card industry are backfiring in this perfect storm.

 

About Anthony Candella

Anthony is the founder and Directing Attorney of YourCreditAttorney.com and has been helping consumers just like you understand and improve your credit and financial situation since 2003.