U.S. consumer bankruptcy filings for the first nine months of this year reached the highest level since 2005, according to the American Bankruptcy Institute. Data collected by the National Bankruptcy Research Center said filings from January through September totaled more than 1.1 million, up 11% from the same period one year ago. Consumer bankruptcy filings increased 3.3% from August, to 130,329. Chapter 13 filings accounted for 30% of those, also a slight increase from the month previous. The American Banking Institute it expects the number of bankruptcy filings to steadily increase. “We expect that there will be nearly 1.6 million new bankruptcy filings by year end,” said Samuel Gerdano, executive vice president of ABI. Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005 with an aim to decrease bankruptcy filings. According to ABI, the Act isn’t working in that capacity as consumer debt has increased since its inception, leading to more consumer bankruptcy filings. Write to Christine Ricciardi.
2010 consumer bankruptcy filings hit highest level since 2005
Most Popular Articles
Latest Articles
Did lower mortgage rates slow housing inventory growth?
After two weeks of significant increases, my model for inventory growth with higher mortgage rates came crashing down last week.
-
Labor market report is good news for mortgage rates
-
Virginia Realtors: Zillow’s touring agreement may not be legal
-
Low inventory creates challenging conditions in North Carolina’s housing market
-
Tri-state area housing shortage could cost the region economically
-
Remote reverse mortgage counseling now permanently permitted in Massachusetts