In case you needed any further indication that 2009 was a terrible year, 2009 saw an almost record 1.4 million bankruptcy filings submitted by consumers and business, making 2009 the 7th worst year on record – just behind 1998 and 2001-2005.
That’s an increase of 32% over 2008 filings. In December alone, there were 116,000 filings, up 22% from December 2008.
None of this is particularly surprising, given the magnitude and nature of the recession we’re in, but I think the regions hardest hit were interesting:
(in order from worst to.. least bad):
- Arizona – up 77%
- Wyoming – up 60%
- Nevada – up 59%
- California – up 58%
California is not surprising, given that the entire state government is bankrupt. But Arizona, Wyoming and Nevada? I would have thought California would be higher, and Michigan close behind, given the woes of Detroit and the auto industry.
All 50 states had an increase in bankruptcy filings, these states had the lowest increase:
- Alaska – up 12%
- Nebraska – up 12%
- North Dakota – up 14%
While these numbers are bad, they were a little worse back in 2005 when bankruptcies shot past the 2 million mark, as consumers rushed to file before the bankruptcy reform laws took effect. After that, the numbers dropped back to 600,000 in 2006.
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I wonder how TN stacks up in this list. Nashville, primarily dominated by the healthcare and music industries, has seemed almost immune to the economic woes of late.
Scott, I don’t know where TN rates… I wish they provided the complete list, but alas it was only the highlights (and lowlights).
That’s interesting news about TN though… I may have to consider a move… much less snow down there too!
This recession left many bankruptcy and I had a bad credit and banks are not supporting now. I now moved back to Detroit and lets see. BTW thanks for your statistics. Entertainment & healthcare industries made good money at the recession period.
I ruminate how TN stacks up in this enumerate. Nashville, primarily dominated by the tending and penalisation industries, has seemed almost insusceptible to the efficient woes of tardy.
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[...] is on the heels of near record bankruptcy filings for 2009. This next wave of bankruptcies and foreclosures is expected to increase the amount of [...]