Total bankruptcy filings in the United States increased 19 percent in February, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 104,418 in February, up from the 87,981 filings in January 2012.
“The stagnant housing sector and high unemployment continue to stress the cash flow of consumers and businesses,” said ABI Executive Director Samuel J. Gerdano. “As consumers and businesses work to shed tremendous debt loads, there are times when bankruptcy is the only shelter to provide financial relief.”
We have continued to warn that there is trouble on the horizon as consumers struggle on the brink of financial disaster. Hopefully, those consumers will turn to credit counselors for help before it is too late and their only option is bankruptcy. There are a number of options for many debtors if they seek help early enough. Search for an AICCCA Member on our website.
David C. Jones, Ph.D.