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October Consumer Bankruptcy Filings Surge 28 Percent Over Last Year

November 05, 2009

ALEXANDRIA, Va. — The 135,913 consumer bankruptcy filings in October represented a 27.9 percent increase over last October's monthly total of 106,266, according to the American Bankruptcy Institute (ABI).

The October 2009 consumer filings represented an 8.9 percent increase from the September 2009 total of 124,790. Chapter 13 filings constituted 28.5 percent of all consumer cases in October, a slight increase from the September rate.

"The nearly 9 percent increase in consumer bankruptcy filings in October, together with a 7 percent jump reported in business cases, demonstrates the sustained stress on the U.S. economy," said ABI Executive Director Samuel J. Gerdano.

ABI forecasts that total bankruptcies this year will exceed 1.4 million, the highest number since 2005.

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