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Executive Summary –Americans are going bankrupt in records numbers. 65% of filings are Chapter 7 which is the walk away filing versus the repayment plan filings referred to as Chapter 11 or 13. 85% of the Chapter 7 filings are categorized as no assets cases. This means the people have nothing.
In 2008 there were 1,074,225 non-business bankruptcy filings. In 2009 there were over 1,054,000 non-business bankruptcy filings in the first three quarters of the year only. Business bankruptcy filings in 2008 were 43,546. During the first half of 2009 business bankruptcy filings were over 45,000 for the first three quarters.
Discussion – Bankruptcy breeds more bankruptcy. Bankruptcy causes those on the receiving end of the bankruptcy to in turn go bankrupt themselves. The statistics in 2010 will undoubtedly be higher. The first chance fort any sort of a financial recovery would be in 2011 with 2010 probably being the worst year so far.
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*Offshore Legal Associates Law Firm.We have no legal ties or associations with any other law firm or corporation with similar or like sounding names anywhere and should not be so confused with any other entity having a similar or like sounding name.





