StarBulletin.com

Financial woes in U.S. skyrocket


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POSTED: Tuesday, January 05, 2010

RALEIGH, N.C. >> U.S. consumers and businesses are filing for bankruptcy at a pace that made 2009 the seventh-worst year on record, with more than 1.4 million petitions submitted, an Associated Press tally showed yesterday.

               

     

 

BANKRUPTCY BOOM

        Rankings for the top 10 states for the percentage change in bankruptcy filings last year, compared with 2008.
       

1. Arizona 77%
        2. Wyoming 60%
        3. Nevada 59%
        4. California 58%
        5. Utah 57%
        6. Hawaii 49%
        7. Idaho 48%
        8. Maryland 46%
        9. Montana 46%
        10. Washington 45%

       

Source: Associated Press

       

The AP gathered data from the nation's 90 bankruptcy districts and found 1.43 million filings, an increase of 32 percent from 2008. There were 116,000 recorded bankruptcies in December, up 22 percent from the same month a year before.

In Hawaii, bankruptcies rose 49.3 percent to 3,201 in 2009 from 2,077 in the previous year, according to final data released yesterday from U.S. Bankruptcy Court. Preliminary numbers were disclosed last week.

While experts believe some of the increase is due to a natural recovery as consumers and attorneys become accustomed to a recent overhaul of bankruptcy laws, the numbers indicate clear correlation to recession-weary regions. Arizona saw the fastest increase, a jump of 77 percent from the year before, followed by Wyoming (60 percent), Nevada (59 percent) and California (58 percent).