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Bankruptcy filings on the rise in 2001
- Article from:
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Sunday Gazette-Mail
- Article date:
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January 6, 2002
- Author:
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Copyright informationCopyright 2002 Sunday Gazette-Mail. Provided by ProQuest LLC. (Hide copyright information)
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Bankruptcy filings, led by over-extended consumers, are headed
toward historic highs, with annual figures to be released in early
March shattering the record.
Illinois bankruptcies through Sept. 30 were up 14 percent, and 98
percent of those filings came from individuals, according to the
Administrative Office of the U.S. Courts. In Iowa, new bankruptcies
in 2001 are projected to be up at least 33 percent over the previous
year.
Credit cards are not the only culprit. A declining stock market as
well as mortgages and big-ticket items bought during the free-
spending 1990s are adding to the problem. Banks and other lenders
enticed people with expanded credit limits, and now much of what ...
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