PRWeb announced that The Institute for Financial Literacy released a report indicating a rise in bankruptcies in 2009 among the middle-class. This showcases the adverse effects of the Great Recession that officially began in December 2007, according to National Bureau of Economic Research. The report defined middle class as individuals "who hold bachelor's or graduates degrees and earn more than $60,000 per year."

The report also displayed significant changes in the demographic data. Among these were the fact that:

-8% more married Americans were filing since 2006
-Americans earning $30,000 or more make up 41% of filers
-and an increase in bankruptcy filing for individuals 55 years or older.

The Institute for Financial Literacy is a non-profit literacy organization that aims "to make effective financial literacy education available to everyone." Its full report can be found here.

*Any information on all blog entries should not be construed as legal advice. If you have any legal issues, please consult an attorney