Personal bankruptcies continued to
rise to record levels spurred by increased borrowing, while
bankruptcy filings by U.S. businesses declined 7.4 percent in
fiscal 2003, U.S. court officials said.
Personal bankruptcy filings, which represent 97.8 percent of
all cases, rose 7.8 percent to a record 1,625,813 in the fiscal
year that ended Sept. 30, from 1,508,578 the previous year, the
Administrative Office of the U.S. Courts reported. Business
filings fell to 36,183 from 39,091. A record 1,661,996 total cases
were filed, up from 1,547,669, the report said.
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“The drop in business bankruptcies is more reflective of
current economic conditions, as opposed to the consumer side,
which is more of a lagging indicator,” said Sam Gerdano, chairman
of the American Bankruptcy Institute in Alexandria, Virginia.
“This is still a hangover” for consumers, he said.
Bloomberg News
