You Are Not Alone. There Are More Than One Million People Just Like You!

The American Bankruptcy Institute reported today that 1,046,449 consumer bankruptcy cases have been filed in the U.S. since January 2009.  This is the first time since the bankruptcy rules were overhauled in 2005, that over one million bankruptcy cases were filed during the first three quarters of the year.  The American Bankruptcy Institute expects there will be more than 1.4 million bankruptcy filings this year. 

What is unclear is how many of the 1,046,449 consumer bankruptcy cases filed this year were filed by the same person.  Each filing may not be a different person/entity. 

What is clear, most people effected by the economic "down-turn" understand that bankruptcy may be the only option to save their home, car, or wages.

In years past, there was a social stigma attached to those who sought bankruptcy protection.  Many still believe they will have a scarlet "B" permanently attached to their chest if they file.  Today, more people than ever will file for bankruptcy protection.  It is time for bankruptcy protection to be recognized as a legitimate alternative when it is the best business decision, not another burden to an already exhausting experience.

The lesson here is do what is best for you and your family.  If that means filing for bankruptcy protection, you are not alone.