U.S. bankruptcy filings soared 16.8 percent to a record 980,126 in the year ended March 31 and could exceed one million for the first time this year, the government said Tuesday.
Preliminary data for April showed more than 100,000 individuals and businesses filed for bankruptcy, the Administrative Office of the U.S. Courts said.
The previous 12-month record was 977,478 in the year ended Sept. 30, 1992. The office said filings for full-year 1995 jumped 11.3 percent to 926,601.
Leading the U.S. District Courts in filings was the court for the Central District of California, with 85,819 filings. The Eastern District of Arkansas had the largest percentage gain, 51.4 percent.
All districts, except the Virgin Islands, had more bankruptcy filings than in the year ended March 31, 1995.
Of the categories of filings–Chapters 7, 11 and 13–only Chapter 11 filings fell, by 8 percent to 14,055.
