(Wall Street Journal) — More than 1.6 million Americans are expected to file for bankruptcy-court protection this year, more than any year since Congress overhauled the system in 2005. The face of bankruptcy changed during the recession, as better-off Americans joined the ranks of the usual filers. While most debtors earn less than $30,000 and don’t have college degrees, last year more than a fifth of them had college degrees, a 4.1-percentage-point increase from 2006, according to surveys of people in bankruptcy counseling by the nonprofit Institute for Financial Literacy.
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