According to a press release by the American Bankruptcy Institute on December 15, 2008, the first nine months (Jan.-Sept.) of 2008 realized a dramatic increase of Bankruptcies up 35% to 841,496, compared to 622,999 for the same time period in 2007. “The dramatic spike in both personal and business bankruptcies reflects an economy in distress, with worried consumers over-extended and unable to supply the spending typically needed to keep the national economy going,” said ABI Executive Director Samuel J. Gerdano.
2008 Was A Rough Year
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