December 16, 2008; News 12 This Morning
Some new numbers are out when it comes to bankruptcy filings, and as you can imagine, they aren't good.
Still, there is a silver lining in all of this. The numbers could always be worse. In fact, they were worse just a couple of years ago.
Bankruptcy filings are up 30% in the government's fiscal year that ended September 30, 2008. To put that in perspective, that's almost 250,000 extra people filing for bankruptcy.
Even with this spike, these numbers are still lower than the 2006 numbers, where 1.12 million people had to file. That's because a new law was about to go into effect to make it more difficult for people to file, so they were all trying to get in under the deadline.
Still, times were much better then, so it says a lot these newest numbers aren't quite as bad.
Experts worry, though, about what will happen over the holidays, and they want you to know this: bankruptcy should be avoided at all costs.
If you want to learn more about getting out of debt and repairing your credit, check out this story.