Personal Bankruptcy Filings Up 14%

According to bankruptcy attorney Gerald Glazer ,US bankruptcy filings were up 13.58% in the fiscal year ending 2010. Non-business bankruptcies dropped slightly from 2009, however Chapter 7 liquidation and Chapter 13 reorganization personal bankruptcy both reported significant increases, reports Sacramento bankruptcy attorney Gerald Glazer.

The US recession that began in December 2007 ended in June 2009, making the 18-month slump the longest since the Great Depression, according to the National Bureau of Economic Research. Although businesses appear to be recovering from the Great Recession, personal income continues to suffer from long-term unemployment and re-employment with lower earnings.

Such an alarming fact, isn’t it, considering that a lot other countries in the world depends on the stability of US economy.

5 comments

  1. MRC says:

    I think nowadays many country learned not to depend too much on US including us – diversification is the keyword?

    • Cleffairy says:

      True, but then again, we’re still not really self-sufficient… our economy still depends on other countries to survive… 🙁 Now Japan has fallen… I feel that recession is coming our way again, considering that alot of ASEAN countries are also depending on Japan in terms of economy.

  2. MRC says:

    Oh NO – NST headline screamed RM517b nightmare & possibilty that Japan can slid into recession – what other “wonderful” things awaiting us in this hare punya year??

    • Cleffairy says:

      See… told ya… this is inevitable. 🙁 Japan WILL slid into recession… and we will feel the pinch too because our country still depends on giant countries like Japan, economically speaking.

  3. MRC says:

    Hokkien people when angry Say : “sia hare ah nei kuan”…..

    This hare year is really “hare” one!!! Thought it’ll be all wonderful things according to feng shui??!!

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