BANKRUPTCY FILINGS UP ALMOST 40% IN 2007
January 4, 2008
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U.S. consumer bankruptcy filings increased nearly 40 percent nationwide in 2007 from the previous year, according to the American Bankruptcy Institute (ABI) in reliance upon data from the National Bankruptcy Research Center (NBKRC). The data showed that the overall consumer filing total for the 2007 calendar year (Jan. 1 – Dec. 31, 2007) reached 801,840 compared to the 573,203 filings recorded during 2006.
While the numbers of cases filed are not yet to the “pre-bankruptcy reform” levels of 1 Million+ per year, the numbers of filings are increasing dramatically. In my opinion, at least part of the reason, in addition to the rising cost of living and the subprime mortgage crisis, is the growing realization among consumers that filing bankruptcy is still a viable option of dealing with overwhelming debt problems.
Bankruptcy Filings Up Almost 40% in 2007
