US consumer bankruptcies up 24 percent in August

NEW YORK (Reuters) – Bankruptcy filings by U.S. consumers rose 24 percent in August compared with a year earlier and could reach 1.4 million this year, according to an American Bankruptcy Institute and National Bankruptcy Research Center report released on Wednesday.

Despite the spike, consumer bankruptcy filings last month were down 5 percent from July.

The August bankruptcies brought the 2009 number to 922,000.

In 2008, a total of 1.1 million consumers filed for bankruptcy, according to ABI.

(Reporting by Phil Wahba; editing by John Wallace)

Source: Reuters

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