Monday, May 12, 2008
U.S. Consumer Bankruptcy Filings Up 50%
U.S. consumer bankruptcy filings increased 47.7 percent nationwide in April 2008 from the same period a year ago, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). The overall April consumer filing total of 92,291 also represented a 7.1 percent increase from the 86,165 filings in March. Chapter 13 filings constituted 31.14 percent of all consumer cases in April, a slight decrease from March.
“The sharp spike in consumer bankruptcies reflects the growing financial stress faced by American families, saddled with household debt and mortgage woes,” said ABI Executive Director Samuel J. Gerdano. “We expect consumer bankruptcies to top 1 million new cases this year".
“The sharp spike in consumer bankruptcies reflects the growing financial stress faced by American families, saddled with household debt and mortgage woes,” said ABI Executive Director Samuel J. Gerdano. “We expect consumer bankruptcies to top 1 million new cases this year".
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