Bankruptcy Update

Personal bankruptcy filings continue to move inexorably toward a new annual record. As of October 20, 2001, personal bankruptcy filings totaled 1,184,628 thus far this year, as compared to 981,387 for the same 42-week period in 2000. Personal bankruptcies are up 20.7 percent from a year ago according to these statistics compiled by Visa's Bankruptcy Notification Service. During just the week of October 15-19 this year, 28,785 petitions were filed. Filings continue to exhibit seasonal patterns consistent with the past three years, although at levels approximately 20 percent higher than a year ago. No sign has emerged thus far of an upsurge attributable to the rapid weakening of the employment picture this fall. It's probably too soon for those effects to be seen, but they are likely coming.

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