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Bankruptcys up 38% in 2007

 
April 16, 2008 7:35 PM | Comments (0)
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The American Bankruptcy Institute says bankruptcy filings jumped 38% last year, compared with 2006, as many consumers struggled with higher mortgage payments and other debt loads.

The increase follows a significant drop in bankruptcy filings in 2006, after a new law made it more difficult for consumers to seek bankruptcy protection from creditors.

The largest increases came from California and Nevada, where the real estate bust has hit particularly hard. According to the report, the 10 states with the highest per capita filing rates were: Tennessee, Georgia, Alabama, Indiana, Michigan, Ohio, Nevada, Arkansas, Kentucky and Mississippi.

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