Minn. bankruptcies highest in a decade - KTTC Rochester, Austin, Mason City News, Weather and Sports

Minn. bankruptcies highest in a decade


ST. PAUL, Minn. (AP) -- More people are filing for bankruptcy in Minnesota. Filings, in fact, are at the highest level in a decade.

Through the end of May, nearly 9,600 bankruptcy cases were filed in Minnesota, up 11.6 percent from a year earlier.

Bankruptcy attorney Richard Pearson in New Brighton says unemployment is running out for some people, and those who have found work aren't matching the income of their previous job.

American Bankruptcy Institute figures show filings nationwide increased 14 percent in the first six months of 2010, compared to last year.

The St. Paul Pioneer Press reports bankruptcy filings are considered a lagging indicator and reflect earlier economic conditions.

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