With data through the second quarter of 2010, bankruptcies have reached highs not seen since the fourth quarter of 2005, just before the dreaded BAPCPA, which was designed to halt a perceived flood of bankruptcies, became effective.
In the three month period ended June 30, there were over 422,000 filings in the United States, the highest since the October-December, 2005, period when 667,431 bankruptcies were filed. For the fiscal year ended June 30, 2010, consumer bankruptcies were up 20% while business bankruptcies rose 9% over 2008-2009 levels.
The obvious reasons are the prolonged financial crises, poor job market, rising mortgage foreclosures and ever-present medical emergencies, according to Deborah Thorne, an associate professor of sociology at Ohio State University. Until the economy improves, she expects bankruptcies to continue to rise.
For the year ended June 30, 2010, Utah ranks 12th in the nation, with 6.12 filings per 1,000 people. Nevada is first with 11.74 filings per 1,000 people.
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