Bankruptcy filings up 38%, CUs can expect more

WASHINGTON (8/14/09)--Bankruptcy filings in the U.S.--both business and personal--rose sharply during the 12 months ended June 30, as the recession continued to take its toll. Credit unions can expect more members and businesses to file in coming months, despite the fact the recession will be technically over by year-end, said Steve Rick, senior economist with the Credit Union National Association (CUNA).

Overall bankruptcy filings rose 35%, with 1.3 million bankruptcy cases filed in bankruptcy courts between July 2008 and June 2009. That is up from the 968,000 filed for the same period a year earlier, according to the Administrative Office of the U.S. Courts, which (Reuters Aug. 13).

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Courtesy of cuna.org