Consumer Bankruptcy Soars

According to the American Bankruptcy Institute, consumer bankruptcy filings increased almost 40% in 2007.

Data from the National Bankruptcy Research Center showed 801,840 filings between Jan. 1 and Dec. 31, up from 573,203 filings recorded during the same period in 2006. ABI Executive Director Samuel J. Gerdano attributed the spike in filings to the mortgage crisis.

Source: American Bankruptcy Institute, www.abiworld.org .