Attitude Shift Seen Among Bankruptcy Filers

A blog post on Bankruptcy Corner that cites a story from the Detroit News says that consumer credit counselors have noticed a shift in attitudes about bankruptcy.

The counselors tell reporters that more people who are considering filing for bankruptcy think of it not as a personal failure, but a “product of the times.”

The report comes from Michigan, which has seen its bankruptcy rates increase exponentially with declines in the housing market and auto industry hitting the state hard.

Michigan ranked fifth in per capita bankruptcy filings in 2008, according to statistics released by the Administrative Office of the U.S. Courts, which keeps records for the U.S. Bankruptcy Courts.

Georgia was third in per capita filings in 2008 with 6.35 filings per 1,000 residents, and bankruptcy filings continue to rise in the Atlanta Metro area.