Millions more people are getting into debt and unable to repay their loans.
Bankruptcy petitions for consumers and businesses are on the rise. There was a 5% monthly increase in total bankruptcy filings in July 2019, the American Bankruptcy Institute said this week. There were 64,283 bankruptcy filings, up from 62,241 for the same period last year.
The recent bankruptcy data shows many consumer and corporate filings last month were coming, from southern states. Alabama had the highest per capita rate, with 5.61 filings per 1,000 people, followed by Tennessee and Georgia , Mississippi and Nevada . Some good news: The rise in bankruptcies — a legal process that gives financially-strapped debtors a fresh start while also paying their creditors — comes off a 10-year low. There were more than 770,000 bankruptcy filings in 2018, down from 1.6 million in 2010.
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