Consumer bankruptcy filings jumped to 770,117 — 14% more in the first half of 2010 than in the same period last year according to the American Bankruptcy Institute. This is the highest point since 2005 when the Bankruptcy Abuse Prevention and Consumer Protection Act was enacted to curb the increase in filings five years ago. In June 2010 alone, filings were more than 8% higher than last year, according to the National Bankruptcy Research Center.
ABI expects another 1.6 million bankruptcy filings by the end of the year, Executive Director Samuel J. Gerdano said in a statement Friday.
The highest filing rates were found in the southwestern and southeastern regions of the country, with Nevada, who has the highest unemployment rate in the country, with more than double the national filing rate. Alaska, Washington, D.C. and South Carolina had the lowest filing rates — less than 40% of the national average.