Bankruptcy filings increase 32 percent in 2009
Bankruptcy filings rose 32 percent in 2009 compared to 2008. According to statistics from the National Bankruptcy Research Center, 1.3 million individuals and businesses filed for bankruptcy.
The uptick in bankruptcy filings was largely a result of the economic recession. As the recession caused many individuals to lose their jobs and other sources of income, many individuals and families had trouble paying off their debts and were forced to file for bankruptcy.
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