Bankruptcies Rose in 2009

Uh Oh

Updated Apr. 25, 2017 11:10AM EDT / Published Jan. 05, 2010 6:11AM EST

Personal bankruptcies rose by nearly a third in 2009, largely due to home foreclosures and unemployment. Bankruptcies hit 1.41 million last year, up 42 percent from 2008. Also, more people are filing for Chapter 7 bankruptcy, which liquidates assets to pay off some debts and absolves the filer of others, despite the fact that a 2005 overhaul of bankruptcy laws aimed to encourage more Chapter 13 filings, which force consumers to agree to debt-repayment plans in exchange for keeping some assets.

Read it at The Wall Street Journal

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Bankruptcies Rose in 2009