One in Nine Americans Have Considered
Bankruptcy
February 12, 2009 Thursday
10:20 AM GMT
One in Nine Americans Have Contemplated Bankruptcy, Says
New Survey; Personal bankruptcy filings climbing rapidly
LENGTH: 339 words
DATELINE: EAGAN, Minn. Feb. 12
EAGAN, Minn., Feb. 12 /PRNewswire/ -- The ongoing
recession -- with rising layoffs, home foreclosures and
credit defaults -- is clearly placing pressure on the
finances of millions of Americans.
Twelve percent of Americans have either filed or
considered filing for bankruptcy, according to a new
survey by
FindLaw.com, the most popular legal
information Web site.
The number of consumer bankruptcy filings has nearly
doubled in the last three years, from 573,000 in 2006 to
1,064,927 in 2008, according to the National Bankruptcy
Research Center. According to the new FindLaw survey:
-- Ten percent of Americans say they have considered
filing for personal bankruptcy at some point in their
lives.
-- Two percent of Americans say they have actually filed
for personal bankruptcy at some point in their lives.
"Bankruptcy can be a powerful, useful tool for debtors,"
said Stephanie Rahlfs, an attorney and editor at
FindLaw.com. "However, it is often a complicated and
difficult process, and there are many misconceptions
about what bankruptcy can and cannot do to help relieve
debt burdens. For instance, some debts -- such as taxes,
student loans, child support and alimony -- are
typically not discharged in bankruptcy. In addition,
there are alternatives to bankruptcy, including credit
counseling and debt management. All of the various
options have pros and cons, depending on a person's
particular situation, so it's important that people have
competent, qualified legal help if they are
contemplating bankruptcy."
The FindLaw survey was conducted using a demographically
balanced telephone survey of 1,000 American adults and
has a margin of error of plus-or-minus three percent.
Additional free information on bankruptcy and debt
relief, as well as help in finding a bankruptcy
attorney, can be found on FindLaw.com at
http://bankruptcy.findlaw.com
SOURCE FindLaw.com,
http://www.prnewswire.com |