- WASHINGTON (Reuters) - With
the U.S. economy in recession, individual and business bankruptcies ticked
down in the third quarter of the year but remained near record highs, the
Administrative Office of the U.S. Courts said on Tuesday.
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- The total number of new bankruptcy filings between July
and September was 359,518, a rise of 14 percent over the same period last
year but down 10 percent from the record 400,394 bankruptcies filed in
the second quarter of this year.
-
- Quarterly bankruptcy filings had previously peaked at
373,460 in the second quarter of 1998, the year the United States recorded
its highest-ever number of bankruptcies -- a total of 1,442,594.
-
- In the 12-month period to the end of September this year,
individual and business bankruptcy filings were closing in on that record,
totaling 1,437,354 compared to 1,262,102 in the same year-ago
period.
-
- Economists have been predicting bankruptcies will be
on the upsurge this year as the U.S. recession takes its toll on the
finances
of consumers and corporations alike.
-
- Congress has also been trying to tighten U.S. bankruptcy
laws, which may have spurred some debtors to file preemptively. That effort
now appears stalled by the slumping economy.
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- Personal bankruptcy filings totaled 349,981 in the third
quarter of this year, up 14 percent from 300,507 in the same quarter of
last year. For the 12 months to September, personal filings also rose 14
percent to 1,398,864 from 1,226,037.
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- Business bankruptcy filings totaled 9,537 in the third
quarter, up from 8,211 in the same quarter last year. For the 12 months
to September, business filings were 38,490, up from 36,065 in the same
period last year.
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