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| Consumer Bankruptcy Filings Rise By Nearly 30 Percent |
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During
the first half of 2008, ending June 30, the number of consumer
bankruptcies filed rose by 28.8 percent compared with the first half of
2007, reports the American Bankruptcy Institute.
There were
503,749 consumer bankruptcies filed in first half 2008 in first half
2007 there were 391,105 consumer bankruptcies filed.
"The
continued rise in bankruptcies to their highest levels since Congress
changed the law points to the growing strain on family budgets," said ABI Executive Director Samuel J. Gerdano. "We expect this trend to continue through the end of the year, with cases surging past 1 million by year end."
More
consumers filed for Chapter 7 protection (liquidation and discharge of
unsecured debt such as credit card debt) as opposed to Chapter 13
protection, which may enable the filer to keep his or her home.
Business bankruptcy filings increased by 42 percent during the same time period.
If you're weighing bankruptcy as an option you may first want to contact a credit counselor: http://www.nfcc.org/
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