During the fiscal year 2010, which ended on September 30th, bankruptcies rose 13.8 percent higher than last fiscal year. That amounts to an extra 1,596, 355 bankruptcies last year. These statistics were compiled by the Administrative Office of the U.S. Courts.

Even though non-business bankruptcy filings rose during fiscal year 2010, business filings actually decreased, but only slightly, for the first time since FY 2006.

The rates forChapter 7, Chapter 12, and Chapter 13 bankruptcies all rose between 10% and 56%; Chapter 11 bankruptcies only rose a meager 2%. While both individuals and businesses struggled during the last fiscal year, businesses only rose 8% from FY 2009, while individuals filed at a rate that was 21% higher. The last quarter of FY 2010 was the worst quarter for filings of the four, increasing by 9% alone.

When it seems like bankruptcy is the only solution to your financial problems, don't hesitate to contact our law firm and speak with a Houston bankruptcy lawyer.