Projo 7 to 7 News Blog

Bankruptcies filed in U.S. Bankruptcy Court in Rhode Island shot up 37 percent in the first three months of this year compared to the same period last year, according to court figures.

Rhode Island had 1,244 bankruptcy filings the first three months this year, compared to 910 those same three months last year.

If that rate continues, Rhode Island would log 5,770 bankruptcies by the end of the year, compared to 4,221 last year. The 5,770 would eclipse the 5,759 filed in 2005, when an impending change in bankruptcy laws prompted an unusually high number of filings.

The court data buttresses an Associated Press analysis that shows bankruptcies climbing in Rhode Island and the state ranking 21st in the country.

The spike in filings during the first three months of the year, of course, doesn't mean 2009 will set a record. In 2001, the first three months saw 1,283 -- more than this year -- but that year ended with 4,791 filings, not even a record high at that time.

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