It's not a mystery why personal bankruptcies spiked nearly 40 percent nationwide last year compared to 2006. Nor is it surprising that Indiana remains among the states with the highest per-capita rates of bankruptcy.
High debt and a sudden drop in income (read: layoffs) frequently combine to push families over the brink, and into bankruptcy court. Americans have been piling on debt for years, not just to obtain necessities but also to purchase luxuries they really can't afford.
Now, with a downturn in the national economy, more and more families are stuck in a deep pit, with bankruptcy seen as the only means of escape.
Read more at: http://www.indystar.com/apps/pbcs.dll/article?AID=/20080421/OPINION08/804210312/1291/OPINION08
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