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Bankruptcy Filings Up 29 Percent

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By Admin on August 28, 2008 9:43 AM

The number of individuals and businesses filing for bankruptcy increased almost 29 percent based on a comparison of consecutive twelve-month periods, according to statistics released Wednesday by the Administrative Office of the U.S. Courts.

There were 967,831 bankruptcy filings in U.S. courts over a 12-month period ending on June 30, 2008, representing a 28.9% increase in filings compared with the previous 12-month period. Bankruptcy filings by individuals totaled 934,009 (up 28.4 percent), while bankruptcy filings by businesses totaled 33,822, up 41.6 percent from numbers reported at the end of June 2007. See Wednesday's News Release from the Administrative Office of the U.S. Courts for a detailed statistical breakdown of bankruptcy filings for the twelve-month period ending June 30, 2008.

Bankruptcy filings by older Americans are on the rise, according to a study by the Consumer Bankruptcy Project, as reported by the Associated Press. The study found that Americans 55 and older accounted for approximately 8 percent of bankruptcies filed in 2001, but by 2007 that group was responsible for 22 percent of bankruptcy filings.