The North Carolina Bankruptcy Information Blog

More than 1.4 million Americans filed for bankruptcy in 2009; surprisingly, a large number of filers were over the age of 65. Senior citizens were traditionally less likely to file bankruptcy for a number of reasons. Until recently, for example, senior citizens held less credit card debt than younger people. They have less time to repair their credit rating after a bankruptcy as well, and may feel that the perceived harmful effects of bankruptcy will haunt them forever. Considering that many myths about bankruptcy are deep-rooted, older Americans may be more likely to hold strong feelings associating bankruptcy with shame and failure.…

The bankruptcy numbers for 2009 are out, and as expected, they’re high. According to a report in the Associated Press, 1.4 million people declared bankruptcy last year. That’s the seventh highest number ever, and the largest number since the change in the 2005 bankruptcy laws. 110,000 people declared bankruptcy in November, marking the 9th straight month of more than 100,000 bankruptcy filings.

The news isn’t surprising, as the economic downturn takes its toll on more and more American families. Even while some economists suggest that the recession is over, unemployment remains high, and many people are suffering from months of reduced income, which results in credit cards, mortgages and other bills piling up.…