If you’re feeling the crunch of the economy, you are not alone. The number of consumer bankruptcies in 2010 was at a record high and 9% higher than 2009. Over 1.5 people filed personal bankruptcy in 2010.
Ironically, the number of bankruptcies have increased every year since 2005, when new bankruptcy law went into effect. The new laws were intended to discourage people from filing bankruptcy. The alarming statistic just shows that in hard economic times, people will continue to turn to bankruptcy for debt relief.
You can read more here.