Bankruptcy Filings Climb Over Last August
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ALEXANDRIA, Va. — Bankruptcy filings in August again increased over the same month in the prior year. However, on the brighter side, the number of filings was a decline from July.
More specifically, the American Bankruptcy Institution reported 119,874 consumer bankruptcy filings in August, representing a 24-percent increase over last year's monthly total.
When compared to July of this year, however, consumer filings represented a 5-percent decrease.
Chapter 13 filings constituted 28.3 percent of all consumer cases in August, unchanged from the July rate.
"Consumers continue to turn to bankruptcy as a shield from the sustained financial pressures of today's economy," said Samuel Gerdano, ABI executive director.
"As a result, we expect consumer filings to top 1.4 million this year," he continued.
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ABI relies on data from the National Bankruptcy Research Center for bankruptcy analysis.
