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Bankruptcy Filings Up Nationwide Reports Massachusetts Bankruptcy Attorney

October numbers are in and the news is that national filings are up 1.4%, according to the American Bankruptcy Institute. However, the numbers were down compared to October 2009. There were 130,329 filings in September and 132,173 cases in October. The ABI research team predicts 1.6 million consumer bankruptcies in 2010. Chapter 7 personal bankruptcy filings are approximately 70% of those cases.

The Wall Street Journal reports that the “trend points to another year of rising bankruptcy cases.”
Massachusetts personal bankruptcy rates are typically low. Nevertheless, as we reported in an earlier article, Massachusetts bankruptcy rates were up 35% for the first half of 2010. With the ABI numbers through October and their predictions based on numbers throughout the country, the rate of filings in Massachusetts should be up overall this year.