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Emerging Trends in Bankruptcy

1/28/2008 3:20:31 PM EST

Consumer Bankruptcy

Posted by AME3bg

Consumer bankruptcy filings are on the rise due to mounting consumer debts, medical debts, and sub-prime mortgage foreclosures. For example, filings increased 37.1% nationwide in June 2007, compared to June 2006. In particular, bankruptcy filings for those 55 years of age or older are growing at a faster rate than in the general population, due to growing mortgage debt due to home equity loans, rising health care costs, and the reduced income of retirees.

Bankruptcies continue to climb or remain elevated in the three highest-filing states in the country: Tennessee, Georgia, and Alabama. In Tennessee, 5.8 residents out of every 1,000 file for bankruptcy on an annual basis, compared with the national average of 2.52 per 1,000. In Georgia and Alabama, the rates are 4.87 and 4.77, respectively. Economic and social factors, such as low paying jobs and high divorce rates, are likely driving these filings.

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