Bankruptcies Jump 40 Percent in 2007

Before you go, we thought you'd like these...
Before you go close icon
filed under: Debt
NEW YORK (Jan. 4) -- The number of Americans filing for consumer bankruptcy increased by nearly 40 percent in 2007, according to the American Bankruptcy Institute.

In a report released Thursday, the ABI said that the number of overall consumer bankruptcy filings reached 801,840 last year, compared to 573,203 in 2006.
"The roughly 40 percent spike in consumer bankruptcies during 2007 presages [an] even higher [number of] filings this year, as the heavy consumer debt load is made worse by the home mortgage crisis," predicted ABI Executive Director Samuel J. Gerdano.
However, the report also showed that the number of bankruptcy filings declined 7.5 percent in December from November. And Chapter 13 filings - those available to individuals with regular income whose debts do not exceed specific amounts - also showed a decline from November to December.
2008-07-21 15:51:19
Read Full Story

Sign up for Breaking News by AOL to get the latest breaking news alerts and updates delivered straight to your inbox.

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners