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Bankruptcies Surge

106,266 consumer filings in October

November 4, 2008

By MortgageDaily.com staff


Consumer bankruptcies jumped 20 percent last month.

During October, there were 106,266 consumer bankruptcy filings, data reported today by the American Bankruptcy Institute indicated.

"The October consumer filing total also represents the first time that bankruptcies have topped 100,000 since the Bankruptcy Abuse Prevention and Consumer Protection Act went into effect in October 2005," according to the report -- which was based on data from the National Bankruptcy Research Center.

Bankruptcies surged 20 percent from 88,663 in September.

The spike was attributed to household financial stress from the weak U.S. economy.

Filings soared 40 percent from October 2007, when 75,975 consumer bankruptcy filings were reported.

About one-third of last month's filings were Chapter 13 bankruptcies, a slightly smaller share than September, according to the institute, whose members include more than 11,700 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals.

So far in 2008, 880,076 consumer bankruptcies have been filed -- more than the 822,590 reported for all of 2007.


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