Personal Bankruptcies Increase

In 2008 alone, reports CNN Money, personal bankruptcies are approaching the one million mark, up more than 28 percent over last year. As you might guess, even the law passed in 2005, making it more difficult to file for bankruptcy, has not done much in recent months to stymie bankruptcy filings. Mainly because the debt people have now can basically not be paid off. With HELOCs being frozen, limiting access to home equity, and with job loss and inflation causing strain on household budgets, it is no surprise that people are cracking under the strain.
Indeed, personal bankruptcies are expected to …read more