October 15, 2009
Ch. 7 Bankruptcies At Highest Level Since 2005
By Matthew L. Brown
Chapter 7 bankruptcy filings increased by 35 percent in the first three quarters of the year compared to the same period a year ago, according to The Warren Group.
The Warren Group, a Boston-based real estate tracker, said that in addition to increasing by 35 percent year-over-year, Chapter 7 bankruptcies nearly doubled compared to the first three quarters of 2007 on the way to reaching their highest level since 2005.
People who have lost their jobs or have taken pay cuts have found it difficult to pay bills, and are increasingly seeking protection under bankruptcy, The Warren Group said.
In the third quarter alone, 4,098 people filed for Chapter 7 bankruptcy, a 34.1 percent increase from the third quarter of 2008.
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