U.S. Insolvency Filings Surged 30% in 2005

U.S. bankruptcy filings surged 30% last year to a record 2,078,415, as consumers and businesses raced to seek protection from creditors in advance of tough new restrictions.

Personal bankruptcy filings rose 30% to 2,039,214, and business bankruptcies rose 14% to 39,201, according to data released by the Administrative Office of the U.S. Courts.