How Many People Filed Bankruptcy In 2009? How Many Will File In 2010?

Many believed (and rightfully so) that we would never get back to the levels of bankruptcy filings before the 2005 bankruptcy amendments passed.

The recession was a hard blow for many families to take. Housing prices fell, unemployment shot up, and the number of bankruptcy filings once again hit a high, increasing 33% from 2007 to 2008 and 32% from 2008 to 2009. 2009 bankruptcy cases got all the way to 1.4 million.

It was not just low income families that felt the need to get control of their debt. The recession hit every layer of society, cutting across every demographic group. The demographic information from debtors throughout 2009 support that.

Most who filed Missouri or Illinois bankruptcy did so because of a job loss or medical emergency. Since the credit industry has made it too hard for some to fall back on credit cards, many families were left without a backup plan. Fortunately, there were St. Louis bankruptcy attorneys that were willing to help average, hard-working American families pick up the pieces and make a new life for themselves.

Do all these factors indicate that bankruptcy rates will continue to rise through 2010? It is hard to tell. I can, though, tell you that the predictions for 2010 don't include much change from 2009. National foreclosure rates have continued to rise and the job market isn't predicted to turn around until late 2011.

With the variable factors remaining the same, I certainly wouldn't expect the number of people who file bankruptcy in 2010 to decrease.

Fortunately, we can rely on the bankruptcy code to continue to do exactly what it was designed to do—help families in need get through the tough times. In a time of such uncertainty, it is a comfort to know that you can get protection from foreclosure, credit card debt help, and relief from your creditors with Missouri or Illinois bankruptcy.

Of course, bankruptcy isn't right for everyone. If you are wondering if contacting a St. Louis bankruptcy attorney is the best way for you to recover from a job loss, medical emergency, or other catastrophic event, I would suggest doing some research about bankruptcy and what it can do for your specific situation. Start with free information from reputable Missouri and Illinois bankrutpcy lawyers in your area.