Consumer bankruptcies filed during August were at the highest level in three years.
Last month, 96,413 consumer bankruptcies were filed, according to an announcement today from the American Bankruptcy Institute. The figures were derived based on data from the National Bankruptcy Research Center.
Bankruptcies increased from 94,124 in July and were 29 percent higher than in August 2007. The latest activity represents the most monthly filings since the new bankruptcy law became effective in October 2005.
One-third of August's bankruptcies were Chapter 13 filings.
So far this year, 685,147 consumer bankruptcies have been filed, the data indicated.
The institute estimates bankruptcies will exceed 1.1 million during all of 2008.
Members of the American Bankruptcy Institute includes more than 11,700 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals.