PR - ABI Reports Bankruptcy Filings Rise 27% in First Quarter

U.S. consumer bankruptcy filings increased 27.0 percent nationwide in the first quarter of 2008 (Jan. 1- March 31) over the same period in 2007, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). The March consumer filings of 86,165 were up 13.2 percent from the 76,120 consumer filings recorded in February and up 16.6 percent from the consumer filings in March 2007. Chapter 13 filings constituted 31.8 percent of all consumer cases in March, down slightly from last month. 

“Bankruptcies are rising due to the heavy burden of household debt and growing mortgage problems,” said ABI Executive Director Samuel J. Gerdano. “We expect this trend to continue through 2008.”