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Consumer Bankruptcy Filings Continue to Rise
08/31/2007Consumer bankruptcy filings continue to increase, with Chapter 7 bankruptcy filings rising 54% in the second quarter of this year compared to the previous quarter.
Consumer bankruptcies had plunged following the passage of the tough new bankruptcy law last year. By the second quarter, however, the pace of filings had picked up to 2,200 to 2,300 new filings per day.
Individuals filed 85,449 Chapter 7 cases in the second quarter of 2006 and 142,815 total bankruptcy cases so far in 2006.
Source: MSN.com
