Posted by Nicholas Hall
Bankruptcy filings by American consumers surged in February, according to a new report Wednesday. 98,344 consumers filed for bankruptcy protection last month, up 29% compared with 76,120 filings a year ago, The American Bankruptcy Institute said. Filings rose 11% versus January.
The ABI, a non-partisan research group, also expects bankruptcies in 2009 to surpass last year's 1.06 million filings. "We expect at least 1.4 million bankruptcies this year," said ABI Executive Director Samuel Gerdano in a written statement.
Gerdano said the total could be even higher if Congress changes bankruptcy laws this week. House legislators are expected to vote on a bill that would allow bankruptcy judges to reduce the principal and monthly payments on mortgages for borrowers in Chapter 13 bankruptcy protection.
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