Bankruptcy in 2009: One of the Worst Years on Record
As the great recession continued on through 2009, new federal data sheds lights on the total number of personal and business bankruptcies that were filed. And the numbers aren’t pretty.
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In total, 1.4 million personal and business bankruptcies were filed last year, up 32 percent from 2008. A look at the numbers makes it painfully clear the effect that the weakened economy and job losses have had on the personal and business finances of the U.S. as a nation.
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When we look at geographic hot spots for bankruptcies, the state of Arizona witnessed an increase of 77 percent in bankruptcy filings versus the year before, Wyoming experienced a 60 percent increase, Nevada experienced a 59 percent increase, and the state of California witnessed a 58 percent increase in bankruptcy filings versus 2008.
Bankruptcy filings have apparently been experienced in waves, initially with those consumers who suddenly could not afford their adjustable rate mortgages, followed by those who were victims of mass job layoffs, followed by even the wealthy and business owners who have suffered as a result of the economic downturn.
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Prior to Congress overhauling bankruptcy law in 2005, there was a surge in filings. 2 million bankruptcies were filed that year as consumers and businesses sought to take advantage of the existing bankruptcy law before the changes came into effect.
The bankruptcy overhaul of 2005 made it more difficult for consumers and businesses to file for bankruptcy, tilting the tables in favor of creditors. The following year, bankruptcy filings dropped to just over 600,000. Since then however, bankruptcy filings have been steadily rising.
