Category Archives: Bankruptcy Statistics

Cities Filing Bankruptcy

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The CEO of JP Morgan has recently stated that municipality bankruptcies (cities filing bankrutpcy) are on a rise. This is yet another effect of the recession – with income on the decline and foreclosures on the rise, cities are losing precious tax revenue and having to cut necessary services.

Analysts are looking to these cities as being most likely to file bankruptcy next…Detroit, and Harrisburg, PA.

Contact us at the Wright Firm for any questions  you may have about the recession and its impact on your personal finances….972-353-4600.

Interesting 2010 Bankruptcy Statistics

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Here are some interesting 2010 bankruptcy statistics:

1) In 2010, American families owed a total of $866 billion in consumer debt,

2) In 2010, $1.3 trillion of U.S. consumer debt was delinquent, with $986 billion being seriously delinquent – 90 days late or more,

3) Personal bankruptcies have increased 100% over the last five years,

4) The average family has at least $10,000 in credit card debt, at an interest rate of 25%. At that rate it would take about 22 years to pay the debt off.