By Max Garnder:
The 149,268 consumer bankruptcies filed in March represented the highest
monthly consumer filing total since Congress overhauled the Bankruptcy Code
in 2005, according to the American Bankruptcy Institute (ABI) relying on
data from the National Bankruptcy Research Center (NBKRC).
The March filing total represented a 34 percent increase from the February
filing total of 121,413 and a 23 percent increase from March
2009 total of 111,693. Chapter 13 filings constituted 25 percent of all
consumer cases in March, representing a 2 percent decrease from February.
Three out of every four debtors who filed in March sought relief under
Chapter 7 of the Code.