Bankruptcies Soar in Michigan

WWJ Newsroom Reporting

A new report lists Michigan among 10 states with the highest per-capita rates of bankruptcy filings. The American Bankruptcy Institute says bankruptcy filings jumped 38 percent last year overall compared with 2006, as many consumers struggled with higher mortgage payments and other debt loads.

The increase follows a significant drop in bankruptcy filings in 2006, after a new law made it harder for consumers to seek bankruptcy protection from creditors.

The largest increases came from California and Nevada, where the real estate bust has hit particularly hard.

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