CASH-STRAPPED COUNTRY: BANKRUPTCY FILINGS NEAR ONE MILLION

CASH-STRAPPED COUNTRY: BANKRUPTCY FILINGS NEAR ONE MILLION

As Americans face the realities of a tough economy, many are reacting by declaring bankruptcy.
Faced with rising mortgage and credit-card debt, a lot of people are opting just to throw in the towel. The number of personal filings totaled 934,009, up nearly a third from last year.
"As we continue to hear more bad economic news, we will continue to see bankruptcies spiral upwards," said Jack Williams, resident scholar at the American Bankruptcy Institute. Such news is expected to increase the number of payday advances, as Americans look for ways to manage debt.
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