Retailers, consumers and prices
Consumer bankruptcy filings jump in May
More Americans filed for bankruptcy in May, slammed by job losses and home forclosures, according to the latest data from the American Bankruptcy Institute.
More than 124,800 people sought protection from their creditors in bankruptcy court, up 37 percent from last year.
Business bankruptcies also soared 40 percent in May, according to bankruptcy data provider AACER.
According to AACER’s Mike Bickford, personal and business bankruptcies will continue to rise, even if the economy gets better.
“Bankruptcy always has a lag effect,” said Bickford. “People start filing months after they start having credit problems.”
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