|Bankruptcy filings by individuals jumped by nearly one-quarter in just one month.
The American Bankruptcy Institute reported yesterday that 121,413 consumer bankruptcies were filed during March. The trade group said it relied on data from the National Bankruptcy Research Center.
Filings increased from 98,344 in February and 86,165 during March 2008.
One-quarter of March filings were Chapter 13 cases, where the bankruptcy court establishes a repayment plan.
So far this year, 308,530 consumer bankruptcies have been filed, according to data from ABI -- whose 12,000 members include bankers, lenders and other bankruptcy professionals such as attorneys and judges.
By the end of 2009, the group predicts 1.4 million bankruptcies will have been filed.