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.