Personal bankruptcies hit all-time high

Personal bankruptcies hit all-time high

More Americans filed for personal bankruptcy last year than in any other time in history, according to the Administrative Office of the U.S. Courts. The 30% increase from the previous year was attributed to a surge in filings ahead of new limits imposed on Chapter 7 proceedings by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which went into effect Oct. 17, 2005.

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