“Americans are going bankrupt in record-breaking numbers. Around 65% of filings are Chapter 7 which is the walk away filing versus the repayment plan filings referred to as Chapter 11 or 13. Around 85% of the Chapter 7 filings are categorized as no assets cases. This means the people have nothing”, says a law firm.

According to the American Bankruptcy Institute, “Consumer Bankruptcies jumped 32% in 2009 from the previous year reaching to 1.4 million in 2009”. In whatever words they may say, one thing is clear, that for an average American financial stability is not actually . More »