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RALEIGH, N.C. — The number of U.S. businesses and individuals declaring bankruptcy is rising with a vengeance amid the recession, despite a 3-year- old federal law that made it much tougher for Americans to escape their debts, an Associated Press analysis found.
Nearly 1.2 million debtors filed for bankruptcy in the past 12 months. In March, 130,831 people filed, up 46 percent over March 2008 and 81 percent over March 2007.
Bob Lawless of the University of Illinois College of Law said bankruptcies could reach 1.5 million for this year and level off at 1.6 million next year.
