CNNMoney: Bankruptcy filings surge to 1 million - up 29%

[marmar]

Bankruptcy filings surge to 1 million - up 29%
Number of bankruptcy filings in recent 12-month period rises to nearly 1 million.


By Ben Rooney, CNNMoney.com staff writer
Last Updated: August 27, 2008: 5:43 PM EDT


NEW YORK (CNNMoney.com) -- As things in the economy have gotten worse, the number of people and businesses heading to bankruptcy court has spiked.

Bankruptcy filings surged 29% in the 12 months that ended June 30, according to government figures released Wednesday.

Total filings rose to 967,831 from 751,056 a year earlier.

Business filings jumped more than 41% to 33,822 from 23,889 in the year-ago period. Personal filings totaled 934,009, up 28% from last year.

"As we continue to hear more bad economic news, we will continue to see bankruptcies spiral upwards," said Jack Williams, resident scholar at the American Bankruptcy Institute.

The bankruptcy group expects filings to reach 1.2 million this year, as problems in the housing market have "reverberated throughout the economy," he added.

The data also showed that filings for Chapter 7 rose 36% to 615,748 in the 12 months that ended June 30. ........(more)

The complete piece is at: http://money.cnn.com/2008/08/27/news/economy/bankruptcy/index.htm

[Javaman]

1. but but but the economy is doing better because of more exports!!!

clap harder damn it!!

[David__77]

2. And that's with the restrictive laws... amazing.

You can see the massive dropoff when the corporate anti-people law went into effect. Now they're almost back up to their pre-law baseline (excluding the immediate surge right before the law went into effect).