ITWASSOOTED: The rush of indebted consumers

Wednesday, January 11, 2006

The rush of indebted consumers

Bankruptcy Filings Hit Record 2M in 2005

WASHINGTON - The rush of indebted consumers to file bankruptcy before a tough new law took effect pushed personal filings for 2005 to their highest annual level on record — more than 2 million, according to new data.

Significant increases in consumer bankruptcy filings occurred in every region, according to the data released Wednesday by Lundquist Consulting Inc., a financial research firm based in Burlingame, Calif. It tallied 2,043,535 new filings last year, up 31.6 percent from 1,552,967 in 2004 — meaning that one in every 53 households filed bankruptcy petitions, according to the company.
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