Bankruptcy Filings Up 30% in First Half of 2008

Alexandria, Va.— U.S. consumer bankruptcy filings increased 30 percent
nationwide during the first six months of 2008 (Jan. 1-June 30) from the same
period a year ago, according to the American Bankruptcy Institute (ABI), relying
on data from the National Bankruptcy Research Center (NBKRC). The overall June
consumer filing total of 82,770 was 20.7 percent more than the 68,559 consumer
filings recorded in June 2007. While the June total represented an increase over
the previous year, it was a 9.3 percent decrease from the May 2008 total of
91,214 consumer filings. Chapter 13 filings constituted 32.6 percent of all
consumer cases in June, a slight increase from May.

“The overall trend
of rising bankruptcies reflects the growing financial strain of felt by U.S.
households, burdened by high debt, rising mortgage costs and falling home
values,” said ABI Executive Director Samuel J. Gerdano.

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