Wednesday, January 5, 2011

US bankruptcies hit 5-year high in 2010


A report by the American Bankruptcy Institute says some 1.53 million consumer bankruptcy petitions were filed in 2010

Source: PressTV
http://www.presstv.ir/detail/158698.html


The number of US consumers filing for bankruptcy protection in 2010 reached the highest in five years, as the US economy continues to face a bumpy recovery.

According to a report released by the American Bankruptcy Institute (ABI) on Tuesday, some 1.53 million consumer bankruptcy petitions were filed last year. The new figure shows a nine percent increase compared to 2009.

It also puts the number of individuals filing for bankruptcy at an all time high since 2005.

ABI Executive Director Samuel Gerdano said that such filings may continue to increase throughout 2011.

The dire prediction has been brought to the fore at a time when the US economy is riddled with a soaring debt crisis.

The US Treasury has reported that America's national debt, as of the last day of 2010, surpassed 14 trillion dollars. This has led experts to predict a grim outlook for the US economy in 2011.

“The debt is ... a reflection of the fact that we (the United States) are in the largest economic downturn since the Great Depression,” said economic analyst Ethan Pollack in a Press TV interview.

Democrats and Republicans will start to battle on how to resolve the debt problem this week in a highly bipartisan Congress.

Experts also believe that steps taken by Washington to handle the economic crisis, including money printing, have put the country on the verge of "bankruptcy."

This is while a recent study by the Wall Street Journal has revealed that around one hundred US banks that have already been rescued by the federal government are facing the prospect of bankruptcy again.

America's continuing financial debacle was triggered by the global financial meltdown that initially broke out in early 2007.

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