Unsurprisingly, since many creditors are simply chucking their receivables into collections in bulk, consumers are finally starting to file bankruptcy en masse. February filings are up 22% from January, reflecting an average of 5,433 filings every day. There is probably no better indication of how badly Americans are hurting than the number of Americans who are giving up and starting over.
Bankruptcy Filings Spike in February 2009 | Credit Slips
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The trend in that graph is obviously bad. Month to month, more and more people are filing for bankruptcy. My question would be, though, why is there always a big dip in January filings? Almost every year of that graph shows January way down, but then February jumps back up to continue the ever increasing trend.