IMGCAP(1)]
U.S. bankruptcy filings are nearing the 1 million mark this year, suggest data compiled by Automated Access to Court Electronic Records. Based on average monthly bankruptcy filings thus far this year, the provider of U.S. bankruptcy data to attorneys, lenders, employers and individuals is projecting the year-end total to be 1.1 million , up 33% from 827,000 filings in 2007. Filings totaled 590,500 in 2006. In November, 91,355 individuals and companies sought court protection from creditors, reports the service of Oklahoma City-based Jupiter ESources LLC. Filings are up as lenders tighten credit standards and the economy slows. Companies have led the increase this year. Through November, nearly 9,000 businesses filed for liquidation or Chapter 11 reorganization, 43% more than did during all of 2007. This year's projected total still would trail the record 2.1 million filings in 2005, when 630,000 individuals filed in the two weeks before revisions to federal bankruptcy laws that October made it more difficult to erase debts. This year, California has seen the biggest increase, with bankruptcy filings up 81% from a year ago. Arizona ranks second with a 78% gain and Delaware is third at 74%.
