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.