August Marks New Monthly Record in Bankruptcy Filings Since Law Change
ALEXANDRIA, Va. — Looking specifically at August, the American Bankruptcy Institute reported that U.S. consumer bankruptcy filings increased 29.2 percent from the same period a year ago.
The overall August consumer filing total of 96,413 also set a single month high since the October 2005 effective date of the new bankruptcy law, the organization indicated.
Chapter 13 filings constituted 33.2 percent of all consumer cases in August, a slight increase from July.
"The latest data reflect the growing trend of U.S. consumers to seek bankruptcy as a way out of financial problems," said Samuel Gerdano, ABI executive director. "We expect bankruptcies to exceed 1.1 million by year end."