Many economists believe that the Great Recession may be close to being over, but we keep getting hit by bad economic news that appears to show the opposite. The latest installment comes from the Bay Area News Group, which reports that East Bay bankruptcy filings skyrocketed by 59 percent last year, soaring from 7,887 in 2008 to 12,564 in 2009. San Francisco, San Mateo, and San Joaquin counties showed similar huge increases.
In addition, more bankruptcy filings are coming from people who lost their jobs or got slammed by rising mortgage payments. In other words, they’re victims of the Great Recession. Which raises the obvious question: How are we going to come out of the economic downturn when so many people are still being pulled under?