The American Bankruptcy Institute (ABI) has released its numbers for the month of September and the stress felt by U.S. residents continues as financial burdens force personal bankruptcy.
Compared to September 2007, September 2008 saw bankruptcies increase 29%. There were 88,663 consumer bankruptcy filings for the month.
ABI’s Director Samuel Gerdano said in a statement that in addition to the debt which many carry, the cost of gas and fuel, and the disintegration of the housing market has led many to choose bankruptcy.
In fact, if one takes a sampling across the U.S., the personal bankruptcy trends can be clearly seen. According to New West, Montana Chapter 7 bankruptcy filings increased from 664 to 1140 with particular increases seen in September.
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Porteous Suspended
New Orleans federal judge G. Thomas Porteous may face impeachment hearings before Congress for accepting gifts from lawyers and for concealing debts related to his
personal bankruptcy according to the Wall Street Journal Law Blog.
The judge’s lawyer contends that this is the most severe punishment ever handed out to someone residing on the federal bench and feels that it’s unwarranted. But, the facts may tell a different story.
In 2001 when the judge filed for personal bankruptcy, he allegedly incurred significant gambling debts under a fictitious name even though he had been specifically told by officials not to incur anymore debt while in bankruptcy proceedings according to a report by a Fifth Circuit investigative committee.
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