Bankruptcy filing on the rise

Bankruptcy filing on the rise

As more people and business entities start to fear and see the economy going down, their tendency to file bankruptcy are on the rise. For the first time since the Bankruptcy Prevention law took effect in year 2005, Bankruptcy filings have surpassed over 100,000. The most recent company to file Chapter 11 Bantuptcy is Circuit City, the electronic and office supplies retail store.

Bankruptcy Abuse Prevention and Consumer Protection Act was passed on October 17.

Compared to year 2001, one of the recent study group found that most of the family who file bankruptcy carry now over 20% more in secured debts such as mortgage and car loans. 44% carry more in unsecured debts like credit cards, medical and utility cmbills.

| Published on November 16th, 2008 at 10:21 am | Article of: business, Money | Resource for: |

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One Response to “Bankruptcy filing on the rise”

    Arngelo on November 26, 2015 :

    Derogatory items age off your credit reoprt 7-1/2 years from the date of first deficiency. If there are any items beyond the reoprting period, send the credit bureau a dispute indicating the item is beyond the reoprting period.This is not the same as the Statute of Limitations (SOL), the timeframe for bringing lawsuit. This varies from state to state and typically starts from the date of last activity or last payment. Making a payment or in some cases acknowledging the debt, restarts the SOL.Items beyond the SOL can still show on your credit reoprt and there is no legitimate way to remove them until the age off.

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