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Bankruptcies Filed In 2nd Quarter Rise 24.5%, Set Quarterly Record
ALEXANDRIA, Va. -(Dow Jones)- The number of new bankruptcies filed during the second quarter rose 24.5% from a year ago to 400,394, the most in a three-month period ever, according to data released Friday by the Administrative Office of the U.S. Courts.
"While we expected the second quarter to be high, given historic patterns, breaking the 400,000 mark sets a pace for a new bankruptcy record this year, shattering the 1998 record of 1.4 million total cases," Samuel J. Gerdano, executive director of the American Bankruptcy Institute, said in a press release.
For the first six months, the number of new bankruptcy cases filed increased 21% to 767,235 from 634,064. In the record-setting year of 1998, 727,578 cases were filed in the first half.
"The figures for the first half of this year are alarming, if not shocking," Gerdano said.
(This story was originally published by Dow Jones Newswires)
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