Filings dropped after the federal government amended the bankruptcy rules in October 2005, but the numbers are rebounding. In the 15 years prior to the rules change, there were roughly 1.5 million bankruptcies annually--90 percent of them for individuals, not businesses. In 2007, there were 800,000 filings. In 2008 that number will increase 50 percent to 1.2 million.
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