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Business Briefing / THE ECONOMY

U.S. bankruptcy filing rate jumps

September 04, 2008|From Times Wire Services

Slumping labor and real estate sectors, high gasoline prices and a cost-of-living increase helped U.S. bankruptcy filings reach the highest daily rate in August since a 2005 law made it harder for Americans to shed debts.

The 94,000 total bankruptcy filings in August put the country on a pace to record 1.06 million petitions for all of 2008, a 28% increase over 2007, according to Automated Access to Court Electronic Records.

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