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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles Consumer Bankruptcies Up 14 Percent In First Half Of 2010 Email Facebook Digg Twitter Buzz Up! ShareThis July 2, 2010 2:50 p.m. EST Topics: economy, business and finance, economy, United States Mitchell Jaworski - AHN News Reporter Alexandria, VA, United States (AHN) - The American Bankruptcy Institute reported Friday that consumer bankruptcy filings totaled 770,117 in the first six months of the year. Bankruptcies are up 14 percent compared to the 675,351 registered in the first half of 2009 as Americans continue to battle high debt levels and a weak labor market. "Years of rising consumer debt and low savings rates, combined with the housing and unemployment crises, are causing bankruptcy levels not seen since the 2005 amendments to the Bankruptcy Code," said ABI Executive Director Samuel J. Gerdano. "We expect that there will be more than 1.6 million new bankruptcy filings by year end." Bankruptcy filings in June reached 126,270, an 8.5 percent rise from the same month a year ago. However, June filings were 7.8 percent lower than May, which saw 136,142. Of the bankruptcy filings in June, 27 percent were Chapter 13 filings. Chapter 13 is for individuals with regular income whose debts do not exceed specific amounts; typically such filings are used to budget some of the debtor's future earnings under a plan in which unsecured creditors are paid back. Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Most Popular Stories No Playboy Offer For Vienna Girardi Despite Her Claim Qatar’s Population Doubles in 6 Years No Playboy Offer For Vienna Girardi Despite Her Claim Pacquiao Could Face Mayweather On Nov. 13 Fossil Of 'Macropredator' Whale Found In Peru Desert Budget-less, Schwarzenegger Orders Minimum Wage For State Workers Jennifer Lopez To Join Taio Cruz For Remix, Music Video Kelsey Grammer Tweets Divorce From 3rd Wife New Mel Gibson Recording Reveals Racist, Misogynistic Comments Lesnar Chooses Legendary Sparring Partner In Couture Recent Posts Most Popular Comments Recent Comments Popular Threads Home | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat Follow AHN on Twitter AHN Social News connects you with friends and the news Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services © 2010 AHN All Rights Reserved

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