The recession and related economic conditions caused a 31% increase in bankruptcy filings last year, according to data released by the Administrative Office of the U.S. Courts today
There were 1.1 million bankruptcy filings in 2008, compared with 850,900 in 2007. Last year's numbers were far short of the all-time high of 2 million in 2005, the year before Congress revamped the bankruptcy laws.
The office said that the majority of the filings-1,074,228–involved non-business debts a 31% increase from last year.
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There were 43,546 business bankruptcy filings, a 54% increase from 2007.
Chapter 7 filings were up 43%; Chapter 11 filings increased 60%; Chapter 12 filings fell 8%; and Chapter 13 filings were up 12%.
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