Personal Bankruptcy Filings Up In Fayetteville
Posted February 26, 2002 12:21 p.m. EST
FAYETTEVILLE, N.C. — Times are tough, money is tight, and a lot of people are getting out of the red by filing for bankruptcy.
Fayetteville bankruptcy lawyer Benner Jones said plant closings and the high unemployment rate have contributed to an increase in personal bankruptcies.
Jones said Fort Bragg soldiers also play a role in Cumberland County's high number of bankruptcies.
"We have a lot of young soldiers that are not used to handling credit. They get into a financial situation they can't handle," he said.
Jones said that more bankruptcy claims burden businesses and drive up the cost of credit for consumers.
More than 1,300 people filed
bankruptcy in Fayetteville between January and November 2001. That is up from 978 filings the previous year.