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Published on Thursday, August 28, 2008
By LA Daily News Staff Writer
Nearly 1 million individuals and businesses filed for bankruptcy in the 12 months ended June 30, according to U.S. Court data released Wednesday.
There were 967,831 bankruptcy cases filed since July 1, 2007, up 28.9 percent from the prior 12 months, when cases totaled 751,056.
Nonbusiness filings made up 96.5 percent of those cases, totaling 934,009. Of those cases, which represent individuals, 592,376 were Chapter 7 filings, which involve liquidation of nonprotected assets, such as family homes. The total also included 340,852 filings for Chapter 13 protection, which allows individuals to reorganize their finances and pay down their debt. An additional 780 individuals filed for Chapter 11, which is normally used for businesses but can apply to individuals who are reorganizing but have more debt than allowed under Chapter 13
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