Personal bankruptcies soar 32% in ‘05
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Personal bankruptcy filings surged 31.6% to a record 2 million last year as people rushed to erase their debts before new restrictions took effect Oct. 17, figures from Lundquist Consulting show. Typically, consumers file 6,000 to 7,000 bankruptcies a day. But that rate soared to as high as 148,000 filings a day in the final days before the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 took hold, according to Chris Lundquist of Lundquist Consulting. “People filed earlier to meet the deadline,” Lundquist said. Though more bankruptcy filings were predicted, the total number is still “more than people expected.” |