Consumer Bankruptcies Hit Two Million In 2005
Bankruptcy filings reached 2.04 million in 2005, up 31.6% from 2004, in which 1.55 million consumers filed for bankruptcy. In 2005, 1 in every 53 households sought court protection from creditors under federal bankruptcy chapters.
Chapter 7 filings jumped 47.2%, while Chapter 13 filings dropped 7.9%.
Experts attribute the spike in filings to the Bankruptcy Abuse Prevention and Consumer Protection Act,...
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