A new report from the Institute for Financial Literacy shows that over the last five years (from 2006 to 2010), Asian Americans have had the largest increase in filings for bankruptcies, essentially doubling over the last five years. This is compared with Hispanics, which rose 33%, African Americans who saw a decrease of 26% in the same period, and Caucasian/White filings essentially remained constant through the period. It’s another sign that Asian Americans were and continue to be especially hard hit by the recent economic downturn.
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