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chapter 7

The USA lumps all kinds of insolvency proceedings under the single heading of "bankruptcy" and so its headline figures are misleading. But behind the headline figure - that there was a near-30% increase in 2009 as against 2008 - there are some trends that indicate a deep malaise in the US economy - and signs that there's still a long way to go before bad debt has returned to actuarially acceptable levels.

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