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Originally Posted by BRISK
In 2001 there were 1.46 million personal bankruptcies in the US  |
It seems like a big number, but really it's still in line with average bankruptcy rates in the US since the reagan era, and the number is only around 2-3x that of more socialized safety-net nations like Canada or Japan. I can't find the latest numbers, but the last I saw (for late 90s) was a level of around 5.5 bankruptcies per 1000 people for a similar raw number (1.23 mil, I believe).
Still, 5.5 / 1000 is a fairly dramatic number. With roughly 1% of the population declaring bankruptcy every 2 years (accomodating overlap for multiple claimants) that could extrapolate out to a full sixth of the population being bankrupt at some point within every generation. Yikes!
