Personal Bankruptcy

Original Airdate: January 30, 2006
It's estimated that 1 in 7 families are on the brink of financial collapse. They are just one layoff, medical crisis or divorce away from financial disaster. In 2005, there were 6,058 bankruptcy filings in NH. That number was up 32% from the previous year. Close to 30-percent of those filings (nearly 1800 cases) came in October alone. That's when tough new Bankruptcy laws kicked in prompting an unheard of rush on bankruptcy courts. In this Outlook on Money report, we look at the soaring rate of bankruptcy, the role credit cards play and how the new laws have changed the equation.