Consumer Bankruptcies Spike in April
ALEXANDRIA, Va. — Mirroring widespread financial woes in the American economy, the number of the U.S. consumer bankruptcy filings are on a significant upswing, indicated recent findings.
According to the American Bankruptcy Institute (using data from the National Bankruptcy Research Center), the total number of consumer filings nationwide in April was 92,291, representing a 47.7 percent increase from a year ago and a 7.1 percent jump from March.
More specifically, Chapter 13 bankruptcy filings accounted for slightly less than a third (31.14 percent) of consumer filings for the month, down narrowly from March.
"The sharp spike in consumer bankruptcies reflects the growing financial stress faced by American families, saddled with household debt and mortgage woes," said ABI executive director Samuel Gerdano. "We expect consumer bankruptcies to top 1 million new cases this year."