Consumer bankruptcy filings reached a maximum of five years in 2010 and could continue to increase as consumers grapple with their debt">debts, according to a report published on Monday.
Using data from the national bankruptcy Research Center, the American Bankruptcy Institute determined that 1.53 million bankruptcy petitions were filed in 2010, up from 1.41 million in 2009. This is the largest number of bankruptcies from the millions of 2.04 presented in 2005, when consumers rushed to submit before bankruptcy more stringent standards came into force. The increase in bankruptcies is the economy continues to struggle and unemployment figures remain high.
Many people facing the possibility of bankruptcy seek the services of bankruptcy attorneys. File consumer more bankruptcy Chapter 7. You can find more information about bankruptcy laws, including important changes resulting from the prevention of the abuse of bankruptcy and Protection Act to the consumer of 2005 (BAPCPA), in its Legal Guide.
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