As yet another indicator of the tough economic times for American families, bankruptcy filings spiked in the month of October. According to the latest data from Automated Access to Court Electronic Records (AACER), there were 108,595 total bankruptcy petitions filed in the month of October for an average of 4,936 for each of the 22 business days during the month. October 2008 is the first time since the 2005 changes to the U.S. bankruptcy that there have been more than 100,000 bankruptcy filings in one month.
Of course, in the long-run, bankruptcy filing rates rise hand-in-hand with increases in credit availability. Over the short-term, however, bankruptcy filing rates as individuals find it more difficult to borrow to stave off the day of financial reckoning.
The average daily filing rate in October 2008 represents a 7.9% jump from the previous month and a 33.4% increase over the same month one year before.Related Posts :
Sources :
- Credit Slips Blog: Bankruptcy Filings Spike in October, November 3, 2008 at 11:40 AM
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