Consumers file for bankruptcy in higher numbers

The Dallas Morning News reports: "The economy's deep troubles are pushing a growing number of struggling consumers into bankruptcy. Often they have much more debt than those who filed in previous downturns."

"Dropping home values, shrinking incomes and the near disappearance of credit have proved a strong mixture. While all the usual reasons that borrowers seek bankruptcy – job loss, medical bills, divorce – play significant roles, new forces are changing who can ride out the tough times and who cannot."

"The number of personal bankruptcy filings jumped nearly 8 percent in October from September, after moving steadily upward for the last two years, said Mike Bickford, president of Automated Access to Court Electronic Records, a bankruptcy data and management company."

"Filings totaled 108,595, surpassing 100,000 for the first time since a law that made it more difficult to file for bankruptcy took effect in 2005. That's an average of 4,936 bankruptcies filed each business day last month, up nearly 34 percent from October 2007."