Bankruptcies Increased in 2007

CNN Money reports an increase in bankruptcies in 2007.

The number of Americans filing for consumer bankruptcy increased by nearly 40 percent in 2007, according to the American Bankruptcy Institute.

The report speculates that increases in mortgage payments made the debt load increasingly difficult for many consumers. After more stringent bankruptcy requirements were put in place in 2005, it's safe to assume the increase in bankruptcy filings were legitimate.

See the full article at CNN Money: Bankruptcies jump 40 percent in 2007

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