Bankruptcies in Washington state are accelerating in every region so far this year.. In the first three months of 2009, more than 7,000 people statewide declared bankruptcy — up 50 percent from a year ago.Bankruptcies in Washington state are accelerating in every region so far this year..
In the first three months of 2009, more than 7,000 people statewide declared bankruptcy — up 50 percent from a year ago.
And in March, every region of the state saw annual increases in bankruptcy filings of 30 percent or greater. Among the most populous counties, four saw annual increases of 60 percent or greater: Snohomish (322 filings), Clark (225), King (561) and Spokane (268).
Washington ranks fifth among the states — Nevada ranks first — in the annual per capita increase in bankruptcy filings, according to AACER, a bankruptcy data and management firm. Washington's monthly growth in bankruptcies puts it fourth among the states in March.
While medical bills, job losses and divorces are behind many of the bankruptcies, mortgage debt is driving the explosion in filings, experts say. Plummeting house prices and a return to cautious lending have left financially-strapped homeowners unable to sell or refinance.
