Personal bankruptcy filings in Connecticut are at a four-year high. As WNPR’s Harriet Jones reports, it’s just the latest indication that the effects of the recession will be hard to shake.
New figures from the Boston based Warren Group show that Chapter 7 filings are a full 50 percent higher for 2009 than they were at this time in 2008. Well over six thousand people in Connecticut have filed for personal bankruptcy this year.
Warren Group publisher Vincent Valvo says bankruptcies are likely to mount even as the economy begins to recover.
The last time bankruptcies peaked in the state was in 2005 just before the introduction of a law which put tougher restrictions on filing for Chapter 7, and made the process more expensive.