I thought the Credit Card Bailout Act was supposed to STEM the tide of bankruptcies. It doesn't appear to be this way.
The growth in personal insolvency last year was seen in virtually every part of the country, according to the American Bankruptcy Institute. The sharpest rise was in the Southwest and Southeast, with Nevada recording 15,000 filings per million, more than double the 6,600 filings per million recorded nationwide. The state has the nation’s highest unemployment rate and credit card and mortgage delinquency, and one in every 99 homes are in foreclosure, according to realtytrac.com.
After Nevada, Georgia and Tennessee had the highest filing rates, each with more than 10,000 filings per million, according to the report. The states with the highest year-to-year increase were Hawaii (22 percent), California (19 percent), Utah (19 percent) and Arizona (18 percent).
Good ol' Nevada. Still another record to be proud of.
1 comment:
Don't you think that the filings will continue to rise or stay high until 8 years since the 2005 law change, notwithstanding economic improvement? That is my prediction.
Utah Bankruptcy Lawyer
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