Bankruptcy Growth Continues

Lenders who hoped that last spring's escalation in personal bankruptcies would fade have been disappointed. Visa U.S.A.'s Bankruptcy Notification Service indicates that through the week of July 21, 2001, personal bankruptcy petitions in the U.S. are up 22.3 percent over the same period in 2000. For the week ending July 21, 27,358 petitions were filed nationwide, compared to 23,256 during the same week the previous year. Year-to-date filings through July 21 totaled 825,461, compared to 674,839 at the same point last year. The chart below provides a week-by-week comparison of filings in 1999, 2000 and 2001.

Printer-Friendly Chart