For the first six months of 2010, U.S. consumer bankruptcy filings rose 14% from last year’s elevated levels, according to the American Bankruptcy Institute.
From the ABI press release this morning:
“Years of rising consumer debt and low savings rates, combined with the housing and unemployment crises, are causing bankruptcy levels not seen since the 2005 amendments to the Bankruptcy Code,” said ABI Executive Director Samuel J. Gerdano. “We expect that there will be more than 1.6 million new bankruptcy filings by year end.”
In other words, personal bankruptcy filings will exceed the level they hit before Congress passed so-called bankruptcy reform.
If you want to try to “bankruptcy proof” your finances, read Elizabeth Warren’s excellent book “All Your Worth,” avoid credit card debt, have an emergency fund and try to keep your health insurance. If you’re already in trouble, check out MSN’s Bankruptcy Guide.
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