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Sharp Increase in March in Personal Bankruptcies

Slartibartfast

Slartibartfast

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Steep Increase in Personal Bankruptcies in March - NYTimes.com

Federal courts reported over 158,000 bankruptcy filings in March, or 6,900 a day, a rise of 35 percent from February, according to a report to be released on Friday by Automated Access to Court Electronic Records, a data collection company known as Aacer. Filings were up 19 percent over March 2009. The previous record over the last five years was 133,000 in October.
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Professor Porter said, March is the high season for bankruptcy filings because many people in financial distress get a tax refund check that they can use to pay the $1,500 to $3,500 that a bankruptcy lawyer charges.

“People use their tax refunds to pay their attorney fees,” she said.
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Let's see, 162,000 new jobs create and bankruptcies are up. :roll:
 
American said:
Don't businesses filing bankruptcy usually layoff people?
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The article title is Sharp Increase in March in Personal Bankruptcies
 
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