U.S. bankruptcies soared 38 percent in 2007: government
WASHINGTON (Reuters) - Bankruptcy filings by American consumers and businesses soared 38 percent in 2007 to a total of 850,912, the Administrative Office of the U.S. Courts said on Tuesday.
Some legal experts have said they expect an even steeper rise in 2008 bankruptcies because of the subprime mortgage crisis that is forcing growing numbers of homeowners into foreclosure.
In 2006, there were 617,660 bankruptcy filings, according to the agency that compiles data from federal courts across the United States.
The vast majority of the 2007 filings—822,590 of them—involved individuals. However, business bankruptcy cases also rose, jumping 44 percent to 28,322 filings, the court office said.
A spokeswoman for the administrative office declined to comment on the rise in filings.
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