As I keep repeating to those of you needing to file bankruptcy, you are not alone. The economic situation continues to be difficult, despite reports of improvement in the unemployment rate. There are few jobs available, the values of homes are dropping drastically, and the cost of living continues to rise. According to the American Bankruptcy Institute “research by the Federal Reserve indicates that household debt is at a record high relative to disposable income.” No wonder many people find themselves heading toward bankruptcy, they have no other choice.

The American Bankruptcy Institute also stated that bankruptcy cases have risen by fourteen percent during the first half of 2010. The filings through June of this year totaled 770,117 compared to 675,351 last year for the same time period. The American Bankruptcy Institute pointed out that bankruptcy cases totaled 126,270 in June alone, which is a jump of eight and a half percent from the 116,365 total of June of last year.

The executive director of the institute, Samuel Gerdano, reported in a press release that “years of rising consumer debt and low savings rates, combined with the housing and unemployment crisis, are causing bankruptcy levels not seen since the 2005.” In comparison to the 2005 bankruptcy filings which totaled more than two million, Gerdano expects there will be greater than 1.6 million new bankruptcy cases by the end of 2010.

If you have questions you need answered or are now considering bankruptcy, please feel free to contact me. Kevin D. Heupel, Colorado Bankruptcy attorney, 303-955-7570, COBankruptcyHelpEmail, free-consultation form. I will answer your questions without obligation. Remember, I am here to help.