In California, the San Jose Mercury News reported Friday (Jan 14), that bankruptcies in San Jose hit an all-time high last year, as 13,366 people and businesses were “overwhelmed by debts for the third year of the Great Recession.”
Said the Mercury in Debt Filings at Record Level, the flood of filing is a 16 percent jump over 2009.
California bankruptcies were up 25 percent from a year earlier, according to the American Bankruptcy Institute. Nationally, the number of bankruptcies was up 9 percent over 2009, with 1,530,078 in 2010 compared with 1,407,788 the year before.
Wayne Silver, whose practice is mainly referrals of complex bankruptcy cases and fraud, told the Mercury: “I have never been as busy in my life, including the 1980s savings and loan scandal and the dot-com years.”
