Bankruptcy surges 29 percent for year

NEW YORK, Aug. 28 (UPI) -- Amid a shaky economy and a lot of uncertainty, bankruptcies have surged in the United States, a government report says.

Bankruptcy for individuals and businesses shot up 29 percent in the 12 months that ended June 30, figures released Wednesday show.

Total filings were up to 967,831 from 751,056 a year earlier, CNN said. Business filings jumped more than 41 percent to 33,822 from 23,889 in the year-ago period. Personal filings totaled 934,009, up 28 percent from last year.

The American Bankruptcy Institute expects filings to reach 1.2 million this year.