Personal Bankruptcies Hit Record in 1997

A record 1.34 million Americans filed for bankruptcy last year, as filings jumped about 20% from 1.12 million in 1996, credit card company Visa International said. The trend comes despite an increasingly prosperous population enjoying a booming economy with low unemployment and strong consumer confidence. California had 202,642 bankruptcy filings in 1997--a 13.9% increase--the most of any state. The steepest rise on a percentage basis occurred in West Virginia, where the number of bankruptcy filings climbed 54.2% to 7,638. Visa said that since 1980, personal bankruptcies have increased by more than 400%.