Thursday, August 13, 2009

Bankruptcy Filings Up 35 Percent In Past Year: Court

According to data compiled through US courts, bankruptcy filings in the U.S. have gone up a staggering 35% over the last year. Last year there were about 968,000 people who filed for Bankruptcy, compared to over 1.3 million in just the past 11 months.

Business bankruptcies, like the high-profile collapse of General Motors Co. GM.UL and Chrysler LLC, totaled 55,000, while non-business filings totaled 1.25 million, the courts office said.

Filings increased among all types of bankruptcies.

Chapter 7 filings, which require debtors to sell their nonexempt property, rose 47 percent to 908,000.

Chapter 13 filings, which enable wage earners to come up with a plan to repay debtors, rose 12 percent to 384,000.

Chapter 11 filings, used to reorganize bankrupt businesses, rose 91 percent to 14,000.

Chapter 12 filings, used by farmers or fishermen, rose 34 percent to 422.

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