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Bankruptcy Filings Up Again

Consumer Bankruptcy Filings Rose 36.5% in First Half, ABI Says By Linda Sandler for Bloomberg (July 2)
U.S. consumers made 675,351 bankruptcy filings in the first half, a 36.5 percent increase from a year ago, according to the American Bankruptcy Institute.

June filings by consumers totaled 116,365, up 40.6 percent from the same period in 2008, the ABI said in a release. The monthly rate of consumer filings slowed, however, declining by 6.8 percent from May 2009.

“Consumers are turning to bankruptcy as a last financial resort,” said ABI Executive Director Samuel Gerdano.

Gerdano said in the release he expects 1.4 million new bankruptcy filings by year end.

ABI uses data from the National Bankruptcy Research Center.

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