No Signs of Relief from Rising Bankruptcies

As we reported last month, it is getting increasingly difficult to argue that the year-to-date rise in bankruptcies is a temporary reaction to pending bankruptcy legislation. According to Visa U.S.A.'s Bankruptcy Notification Service, personal bankruptcies filed in the U.S. through the end of the 24th week of this year (June 16, 2001) were up 25.5 percent from the same period in 2000. Filings during week 24 alone totaled 28,760 petitions, bringing the year-to-date total to 694,309, compared to 553,137 during the same period in 2000. The chart below provides a week-by-week comparison for filings in 1999, 2000 and 2001.

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