Bankruptcies Skyrocket

The number of consumer bankruptcies nationwide jumped sharply last month – up by 34 percent over July 2008, according to Bloomberg News. The bankruptcy news provided more evidence that the economy may be nowhere near a recovery. The American Bankruptcy Institute estimates that nationwide as many as 1.4 million consumers could go belly up this year. Experts also say the bankruptcies could further jeopardize the health of banks as consumers seek protection from having to repay their loans.

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