October 30th, 2008 by Reed Allmand 
Personal bankruptcies are rising, up 28% from 2007. Over 22,000 Americans file for bankruptcy every week, according to the American Bankruptcy Institute which predicts this number will continue to climb as the nation plunges deeper and deeper into a recession. Those numbers are being pushed upward by a record number of two million people losing their homes to foreclosure in 2008 and an unemployment rate that’s at a five year high with no sign of decreasing.
With a combination of rising job losses, toxic mortgages forced into foreclosure and a slowdown in the economy we can expect to see the number of personal bankruptcies rise far beyond the expectations of any of the analysts. What we need now is a comprehensive bailout program for the average American consumer that will allow them to restructure or eliminate toxic debt without losing their homes, savings and retirement plans.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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