Bankruptcy Up Dramatically In July
A new report out this week from the Ameican Bankruptcy Institute shows a dramatic spike in bankruptcy filings in July.
Even among signs that US economy was beginning to improve, 126,434 filed for bankruptcy last month. That is a 34 percent increase compared with one year ago and the highest monthly mark since new bankrutpcy laws went into effect in October of 2005.
Bankruptcy filings also rose more than 8 percent compared with one month ago. Approximately two-thirds of people filing go through a Chapter 7 bankruptcy.
So despite some recent stock market gains and good showings by banks and even the auto industry, many Americans are still struggling with debt and seeking the relief and proteciton of bankruptcy.