Friday, August 29, 2008

Bankruptcy Filings Surge 29%

Bankruptcy Filings Surge 29%

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

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.

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

Chapter 13 filings, which requires debtors to pay back their debts over time, rose 17% to 344,421 from 294,693 a year earlier.

Filings for Chapter 11 bankruptcy, which is designed for corporations or partnerships, rose more than 30% to 7,293.

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