Bankruptcy filings by American consumers and businesses jumped 19 percent in 2001, hitting a record high of 1,492,129 in a year in which the economy slid into recession.
The filings last year compared with 1,253,444 new bankruptcies filed in 2000 and the previous record of 1,442,549 cases filed in 1998, data compiled by the Administrative Office of the U.S. Courts show.
The majority of filings continued to be under Chapter 7 of the U.S. Bankruptcy Code, which allows people to dissolve their credit-card and other debts. Chapter 7 filings were 1,054,975, up 23 percent from 859,220 in 2000.
Bankruptcy filings up 19 percent last year amid recession, data show