Bankruptcy Filings Show Split in Trend
A record number of people filed for personal bankruptcy last year, while business filings declined, U.S. court administrators say.
Bankruptcy courts received a record 1.61 million bankruptcy petitions in the 12-month period ended March 31. Although Chapter 7 and Chapter 13 personal filings rose 7.4%, Chapter 11 business bankruptcy filings fell 6.6%, according to a report from the Administrative Office of the U.S. Courts.
Filings for Chapter 11 fell from 11,477 for the year ended March 31, 2002, to 10,722 for the current year ended March 31.
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