U.S. Bankruptcies Soar Before Tougher Rules Begin

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00023101-us-bankruptcies-soar-before-tougher-rules/

By Kristin Roberts, Reuters

Americans are racing by the thousands to file for bankruptcy before a new law takes effect on Monday that makes it harder to wipe away old debts.

Filings have skyrocketed at stunning rates, topping more than 3,000 percent in many big cities and even more for smaller ones, according to data from U.S. bankruptcy courts.

“It’s unbelievable,” said Michael Dean, analyst at Fitch Ratings in New York. “You look at the chart and you have to set it down and step back.”

For this complete story, please visit U.S. Bankruptcies Soar Before Tougher Rules Begin.

U.S. Bankruptcies Soar Before Tougher Rules Begin

Unknown Author

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