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Personal bankruptcy filings averaged about 750,000 a year before COVID-19, but dropped off a cliff during the pandemic, thanks to government aid. "It was very consistent from 2014 to 2019 ...
Originally, bankruptcy in the United States, as nearly all matters directly concerning individual citizens, was a subject of state law. However, there were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
In 2008, more than 96% of all bankruptcy filings were non-commercial and about two-thirds of these were chapter 7 cases. [3] Although the individual causes of bankruptcy are complex and multifaceted, most personal bankruptcies involve significant medical bills. [4] Individual bankruptcies are usually filed under chapter 7 or chapter 13.
Bankruptcy filings by celebrities generate extensive publicity, [5] which has been cited as a factor contributing to a shift towards a less negative public perception of personal bankruptcy observed since the 1960s. [6] Lawyers have reported using celebrity examples to persuade their clients to file for bankruptcy. [7]
Of those, business filings rose by 33.5%, while personal (non-business) filings were 15.5%. While total bankruptcy filings have increased each quarter since June 2022, they remain far lower than ...
However, you may be able to keep important personal items and potentially even real estate since bankruptcy laws vary by state. By contrast, you usually keep your property when filing for Chapter ...
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