Bankruptcies boom - KWWL - Eastern Iowa Breaking News, Weather, Closings

Bankruptcies boom

(AP) -- There's a boom in bankruptcies, even though there's a law designed to curb them.

Nearly 1.2 million debtors filed for bankruptcy in the past 12 months, and experts say that number could climb.
Analysts say there could be a million and a half bankruptcies in all of 2009, before leveling off at 1.6 million next year.

Last month alone, more than 130,000 people sought bankruptcies. A 46 percent increase over March in 2008.  The rise has happened even though congress passed a bill to limit bankruptcies three years ago.

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