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To: OtherChap who wrote (27973)	11/24/1998 5:58:00 AM
From: OtherChap	Respond to of 164684

Bad economic news, people are going broke faster than ever. No wonder people are speculating on the market in such a frenzy- they literally have no other viable options besides heading to las vegas.. Truly a sign of desperation.. U.S. Bankruptcy Filings Reach Record High 01:52 11-24-98 WASHINGTON (Reuters) - The number of U.S. bankruptcies rose 5.1 percent to a record 1.44 million for the 12 months ended in September, according to data released Monday by the Administrative Office of the U.S. Courts. Personal filings continued to drive the increase, accounting for 96.7 percent of all filings during the 12-month period and posting a 5.8 percent gain over the previous year. ''Continued high levels of consumer spending and debt have led to sustained high rates of bankruptcies,'' said Samuel Gerdano, Executive Director of the American Bankruptcy Institute, a non-partisan group that tracks bankruptcies. The latest figures will likely prompt Congress next year to take up reforms that died this fall aimed at reducing the number of personal bankruptcy filings, Gerdano said. Efforts to rewrite consumer bankruptcy laws, the biggest overhaul of U.S. bankruptcy laws in 20 years, failed last month in the last few days before Congress adjourned as key Democrats in the Senate threatened a filibuster over the removal of consumer rights. The legislation also faced the threat of a presidential veto. Meanwhile, in the latest data the number of business bankruptcy filings decreased by 15.1 percent to 47,125 for the 12-month period.