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Credit Card Applications » News » Other » Fat Bankruptcy files reported in Nevada

Fat Bankruptcy files reported in Nevada

November 11, 2009 | Updated on November 11, 2009
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The content is accurate at the time of publication and is subject to change.

Apart from the interest rates, bankruptcy files are also on the rise in the formidable economic fall. During the third quarter of 2009, bankruptcy claims have piled up almost reaching the 2005 pace C the year which holds the record in American bankruptcies according to Automated Access to Court Electronic Records.

In the beginning of 2009, bankruptcy files have grown to more than 1.07 million. Much of this record comes from the residents of Nevada, Tennessee and Georgia. They are considered to be of the highest tendencies to file such claims. On the other hand, people in the District of Columbia, Texas and South Carolina have been consistent in being the least likely to file bankruptcies.

Missouri and Utah were recorded move up in terms of likelihood of filing based on their per capita filings in the past two years. Still on the likelihood of filing bankruptcies, while the two states are on the move upwards, Louisiana is at a stable spot in the middle while it continues to recover from Hurricane Katrina.

When it comes to the number of raw bankruptcies filed, California has the greatest. It could be attributed to its equally large population. The state has recorded more than 150,000 bankruptcies during the first quarter of the year.

The table shows the ranking of bankruptcy files for this year in capita basis. That means the number of bankruptcy files per 1000 residents.

State2009 rank (through Sept. 30)2008 rank2007 rank
Rhode Island202319
New Jersey292113
New Hampshire303232
West Virginia333324
New Mexico363527
North Carolina384041
New York404142
North Dakota454947
South Dakota474850
South Carolina494639
District of Columbia505049

Source: Automated Access to Court Electronic Records (AACER)

There are generally two kinds of bankruptcies consumers can file: Chapter 7 and Chapter 13. Consumers file bankruptcy when they can no longer pay for their total debts or meet their obligations with their lenders. The first type allows creditors to discharge all or part of their client's debt while the latter, Chapter 13 the client could pay all or parts of the debt based on a payment plan.

Either type, filing for bankruptcy severely damages the credit score. It also stays on the credit report for as long as seven to ten years which makes it difficult for consumers get their credit and loan applications approved. This is the reason why many credit experts advise consumers to avoid filing bankruptcies and more importantly start practicing ways to avoid it.

Good money management is considered the best way to prevent bankruptcies from happening. Such includes having control over spending; not using the credit card when there is cash at hand, avoiding credit card offers, sticking to a realistic budget, buying only those which are actually affordable, getting covered by sufficient insurances, not making high-risk and speculative investment, and not incurring debt with others with questionable financial habits.

Consumers are also advised to call their creditors when they believe they can not meet the payment terms. Most creditors would be able to help by working out a special payment procedure to be followed until the consumer is able to fulfill the original terms. There are also creditors who allow their clients to give weavers that say they can not pay their dues in time, would have to skip payments but promise to increase future payments to make up. On the other, credit counseling services are also recommended as it works for a good number of consumers having debts problems.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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  • Larry
    With the Virgin / Barclaycard signature offer, there seems to be some consumer deception or maybe even outright fraud goin on.   I decided to jump on this offer..  read all the info on it..  was approved for their platinum card, paid the fee, then was only awarded 10,000 points instead of the advertised 20,000.   When i inquired about the less than advertised bonus points, Barclaycard claims only Signiture Visa cardmembers get the 20,000..  as a platinum cardholder, you don't qualify for that level of bonus, so you get 10k instead.   Well, in their current ongoing promotions, it states plain as day that....    Applicants approved for the Visa Signature or Platinum Card with $49 annual fee will receive 20,000 Bonus Points awarded to your Virgin America Rewards Account at the close of the first billing statement in which you make your first purchase or balance transfer (that is not returned or rescinded) and have paid the Annual Fee on the account (and such fee is not rescinded). They don't mention anything about a separate program for platinum cardholders..  However, trying to get someone to resolve this issue with either Virgin or Barclaycard seems to be rather impossible.. Seems to me they're simply drawing people in with the fraudulent offer, then simply saying, oh, we're sorry you don't qualify..  but thanks for signing up for our garbage credit card with insane fees..   
  • CreditLandCom
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  • Deborah Ellsworth
     would very much like to start a new credit history  by making payments on time I would tohave a credit card that is NOT PREPAYID! I don't need a card with a high limit just something to start a new credit history. Thank You Deborah Ellsworth
  • Deborah Ellsworth
    I would very much like to start a new credit line to get back on track. I DO NOT WANT A PREPAID CARD!! This new credit card if I am approved does not have to hace a high limit just something for me to start over again and prove myself ThankYou. D Ellsworth
  • Miss Edna
    there is a huge problem with the RFIP chip: it is easily compromised. There are already 'readers' in the form of what looks like a cellphone in a case, that scans all the info in the chip by merely walking near a person -- this 'reader' penetrates leather, cloth, spandex, etc. The only thing it will NOT penetrate is METAL. Perhaps one has seen commercials touting metal credit card cases. Here is my hint for a free fix: cut a piece of aluminum foil or use the foil that is used to keep foods fresh, like coffee. Cut it so that when folded once, it forms a sleeve for your credit card. place the credit card in the sleeve, then place the sleeve in your wallet.
  • Robin Parks
    I am looking to apply for the AARP Visa signature card from Chase that offers $100 after spend $500 in first 3 months, no annual fee and 0% interest first year; I don't want to mail in offer because of having to write in Social security #. Can you direct me to the proper on-line site?
  • CreditLandCom
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  • Becky
    This is Becky Now what do I do just waqit for acard to come to me?
  • CreditLandCom
    Once you have applied, you should receive a letter within 10 business days letting you know if you were approved and when your card will arrive. If you did not receive any letter or notification from the issuer, you should contact them directly. Also, you should contact the issuer if you’ve been waiting for your credit card longer than 30 days. Since we are not a bank and don’t issue credit cards, we cannot give you any information about your application or credit card.
  • SavingStar
    Thank you for posting about SavingStar. Just to clarify one sentence in your article, we have over 5 million members (not 500). Thanks, Josh
  • CreditLandCom
    Sorry for the misprint. We’ve corrected the sentence. Thank you for noticing that.
  • Eric
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