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Personal Bankruptcy Numbers up, Massachusetts Up Higher

With the end of the second quarter imminent, Massachusetts consumers continue to file personal bankruptcy at a rate higher than the national average. The rate for this quarter will not be known for a while, but the numbers for the first quarter, 272,048 Chapter Seven filings, and 373,551 total filings. Those numbers indicate that over 72% of the filings are Chapter Seven.

In Massachusetts, the percentage is higher: 22,249 total filings with 17,714 Chapter 7 personal bankruptcies: almost 80% Chapter Seven personal bankruptcies.
Nationally, the rate of personal bankruptcies has reached close to 7,000 per day. The federal court statistics analyzed by AACER, noted that the numbers were higher than before the October 2005 bankruptcy law change, and that bankruptcies typically peak between 6 and 18 and months after the bust in an economic cycle.