Consumer bankruptcies jump 40% in Oct., top 100,000 - (previous record set 2007)

[JohnWxy]

http://www.usatoday.com/money/perfi/2008-11-04-bankruptcies_N.htm

Consumers filed 106,266 bankruptcies in October, up 40% from a year ago and up 20% from September.

"We expect the numbers will continue to go up," said ABI Executive Director Samuel Gerdano. "It's the aftermath of the debt overhang that many households are facing, plus an inability to tap into home equity, which traditionally helped buttress home finances."

As consumers continue to struggle to pay their mortgages, car and credit card bills, ABI predicts that filings this year are expected to rise to 1.1 million, a record since a stricter bankruptcy law took effect in late 2005.



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