PR - Consumer Bankruptcy Filings Increase 17 Percent In August

U.S. consumer bankruptcy filings increased 17.3 percent nationwide in August from the previous month, according to the American Bankruptcy Institute (ABI). Relying on data provided by the National Bankruptcy Research Center (NBKRC), overall consumer filings totaled 74,607 in August, up from the 63,600 filings in July. The figure was also up 31.2 percent from August 2006. Chapter 13 filings constituted 39.6 percent of all consumer cases in August, down slightly from last month.  

"The uptick in August bankruptcies continues the trend we’ve seen all year," observed ABI Executive Director Samuel J. Gerdano. "Families facing heavy household debts are increasingly turning to bankruptcy as a short-term fix."

ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues.

NBKRC is an online research center that offers subscribers access to up-to-date research and statistics on bankruptcy filings. The database contains complete information dating back to 1995.