Washington (Nov. 27, 2002) -- In what both consumers and businesses hope is not an ominous harbinger of things to come, bankruptcy filings for the third quarter, ended September 30, set a record with 401,306 filings.

According to data from the Administrative Office of the U.S. Courts, that figure was a 12-percent rise from the year-ago third quarter. Personal bankruptcies accounted for the vast majority of the aggregate figure with 391,873 recorded. Business filings saw a 1-percent dip from the year ago period, with 9,433. Roughly 70 percent of the total filings were Chapter 7.

-- Electronic Accountant Newswire staff

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