Local News

Tar Heels Increasingly File Chapter 7

Posted January 2, 1999 6:00 a.m. EST

— Can't pay off that holiday debt? Watch out. Financial experts say more and more people are filing Chapter 7 in our state. The increase is staggering.

The number of Americans who filed bankruptcy this past year was up just over 3 percent. But, North Carolinians saw an increase of 7 percent.

And the Triangle suffered a major increase in bankruptcies -- a gain of nearly 18.5 percent.

There is some good news, however. Despite the increases, North Carolina's bankruptcy rate is still lower than that of most other states.