Different states have different bankruptcy statistics. The bankruptcy rate continues to go up despite a small improvement seen in the economy. This just means that despite of the improved economy, people still tend to file for bankruptcy. People are now in excessive debt so even if the economy has improved, there are still quite a number of people who file for it. Last May, there were 133,459 bankruptcy cases filed. Compared to last year, there is an increase in bankruptcy cases for at least 10%.
Studies are still being made in comparison to last year’s bankruptcy filing. There has been an increase of daily bankruptcy filing from 6,646 to 6,673. In March 2010, the bankruptcy filing per day went up to as high as 6,924 which is a total of 159,251 for that month. The bankruptcy statistics include both individual and business bankruptcy filings.
When comparing bankruptcy cases filed in 2008 and 2009, there is an increase of 35% of bankruptcy being filed in year 2009 compared to 2008. Chapter 11 bankruptcy cases increased by 91% in year 2009 compared to 2008. As of June 2009, the total bankruptcy cases that were filed were 1,300,000. If comparison will be made on June 2008, the total bankruptcy cases filed during that month and year is 1,000,000.
Based on the comparison that was made, instead of bankruptcy cases going down, the petition for bankruptcy is increasing. This just indicates that many people are facing financial problems and excessive debts. The improvement in the economy is not a means to help people in resolving their financial problems. Many people are still unemployed and still struggling with their everyday expenses. This is the reason people ask for loan and when loan needs to be paid, then that is when problems start to arise.
The numbers speak for themselves and are a proof that people are still struggling with their finances. Bankruptcy is still an option for many people to help them settle their financial burdens. Bankruptcy statistics can be used as a tool and a reference for the government to know if the improvement in the economy is helping people who are financially down.
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