Bankruptcy filings for the year through May 2010 are up over 9% nationwide as compared to filings through the same time last year. From January 2010 to May 2010 there were 136,142 consumer bankruptcy filings nationwide as compared to 124,838 at the same time last year. The increase is likely attributed to the high unemployment rate and tight credit restrictions of banks. Although filings have increased when compared to last year’s numbers, there was an overall decline nationwide in filings from April 2010 to May 2010. Filings in April were approximately 145,000 as compared to 137,000 in May 2010. The two states with the highest filings are Nevada and Georgia. Some states have experienced a decrease in filings when compared to last year. States such as Tennessee, South Carolina, Alabama, and West Virginia have all seen the number of filings drop. However, states such as Arizona and California have seen an increase in filings this year by 43% and 36% respectively. Filings for the year are projected to reach the records set in 2005 when over 2 million households filed for bankruptcy.
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