Illinois bankruptcies increase at the same pace as the people
As if a year of stock market turbulence was not bad enough, now, the number of bankruptcies is skyrocketing.
The total number of bankruptcies in Illinois during the first half of 2007 jumped 45.6 percent over the same period in 2006 off national trends.
Total Illinois 20014 requests reached in the first six months, compared to 13744 during the same period of 2006. Of those, Illinois 19521 applications for insolvency consumers to 45.2 percent.
In the progress seem to be a period even harder. The number of companies request of insolvency proceedings in Illinois was 493 in the first six months of 63.8 percent.
Far federal, the number of bankruptcies in the first half of 2007 increased by 48.2 percent over the same period in 2006, according to data released Thursday by the management of the authority of U.S. courts .
“The upward trend in bankruptcies reflects the economic reality of household financial burden more and more,” Samuel Gerdano, Executive Director of the American Bankruptcy Institute, said in a statement. “We expect requests for increased bankruptcy for the balance of 2007.”
Total USA reached 404090 requests during the first six months, compared to 272604 cases, more than during the same period of 2006.
Applications for registration of individuals or households grew by 48.3 percent to 391105, for the six month period. Business inscriptions for the first half of the year was 12985, 45.2 percent more than in the first half of the year a total of 2006.
The State of Tennessee was the highest per capita demand price for the 12 months ending in June 2007, 6.03 per 1000 inhabitants deposit in all chapters. It also had the highest per capita rate of unemployment claims in Chapter 13, to 3.78.
Chapter 13 of the Bankruptcy Code for an individual to regular income, whose debt must not exceed certain amounts. It is usually used for budget future results of the debtor under a plan by creditors without being paid in full or in part, usually a five-year payment plan.
The state the highest per capita rate of submission Chapter 7 bankruptcy proceedings was Indiana, to 2.98 per 1000 for the 12 months ended the period June 2007.
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