May Bankruptcy Filings Maintain Double-Digit Year-Over-Year Climb
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ALEXANDRIA, Va. — U.S. consumer bankruptcy filings continue to climb by double digits year-over-year, according to the American Bankruptcy Institute, which relies on data from the National Bankruptcy Research Center.
More specifically, May filings were up 37 percent from the same period a year ago, ABI reported.
However, officials said May consumer filings of 124,838 were about level from the April total of 125,618.
Chapter 13 filings constituted 27 percent of all consumer cases in May, slightly above the April rate.
"As consumers continue to face increasing levels of unemployment and rising foreclosure rates, bankruptcy filings will continue to accelerate as families seek financial relief from the tough economic climate," said Samuel Gerdano, ABI's executive director.
"We predict more than 1.4 million new bankruptcies by year end," he added.
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