Bankruptcy filings reach record high

Northwestern Financial Review, Mar 15-Mar 31, 2003

Bankruptcy filings climbed to a record level in 2002. The number of individuals and businesses asking courts for relief from their debtors rose 5.7 percent to 1.58 million from 1.49 million in 2001, which had been the record previously, the Administrative Office of the U.S. Courts said in a statement.

Personal filings rose while business filings fell, the agency said. Non-business filings made up more than 97 percent of cases filed in 2002. Business bankruptcy filings fell by 1,559 cases, or 3.9 percent, in the year.