The explanation given and where bankruptcy will be heading:
"Years of rising consumer debt and low savings rates, combined with the housing and unemployment crises, are causing bankruptcy levels not seen since the 2005 amendments to the Bankruptcy Code," said ABI Executive Director Samuel J. Gerdano. "We expect that there will be more than 1.6 million new bankruptcy filings by year end."Bankruptcy might be the way to go because it will lessen the burden on the true spenders in the country and thus we may see a pick up in consumption that is directly related to the increased bankruptcy filings.
interactive graphs and resources that the American Bankruptcy Institute provides.