The number of Americans filing for personal bankruptcy protection plunged 69% — 142,815 from 458,991 a year earlier — in the second quarter after a federal law made it harder for borrowers to erase their debt, according to figures released Thursday.
Bankruptcy figures for the last years were artificially inflated, with many Americans rushing to file before the Oct. 17 law change took effect. Last year’s bankruptcies ran about 800,000 more than the average, which dented profits for many banks. This year’s figure is around 450,000 below average.
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