Personal Bankruptcy On The Rise Due To Recession Says Debt Collection Agencies
Although it may seem that most individuals and families have significantly recovered from the recession, there are still an increasing number of individuals filing for personal bankruptcy as well as debt collection. In the past year in fact, the number of individuals filing for personal bankruptcy has reached over one million in the United States. This has been the highest and fastest growing number within the last 10 years. According to the American Bankruptcy Institute, this is becoming quite a concern even for the legal department in charge of bankruptcy.
It is hoped that the bankruptcy laws are strong enough to ensure that families and individuals do not suffer too dearly due to the recent recession that has torn families apart and left individuals unemployed for the past 2 years.