Wow, this is pretty severe:
"The jump in March bankruptcy filings is another indication the U.S. economy is in recession, led by states where the housing boom turned to bust.
The more than 90,000 bankruptcy filings in March were the highest since insolvency laws became more restrictive in October 2005, according to statistics compiled from court records by Jupiter eSources LLC. At a daily rate, filings in March were 30 percent above the pace in 2007.
Rising bankruptcies, together with mounting foreclosures and fewer jobs, are further signs the biggest housing slump in a generation is hurting consumers and businesses. Federal Reserve Chairman Ben S. Bernanke this week for the first time acknowledged the economy may be facing a recession and vowed to act to cushion the slowdown."
If the national average increase is 30%, what must the numbers be like in Nevada, Southern California, and South Florida?
California = 42%
Florida = 35%
Nevada = 32%
And thats for the entire state. I surmise that the boom/bust areas are significantly worse . . .
Bankruptcies Jump 30% in March, Led by Housing-Bust States
Bill Rochelle and Bob Willis
Bloomberg, April 5 2008