Consumer bankruptcies on the rise

NEW YORK (CNNMoney.com) -- A surge in bankruptcies last month may be a signal that the fallout from the nation's mortgage crisis is spreading, an expert said Wednesday.

"High household debt and the fallout from rising mortgage costs could contribute to a surge in bankruptcies in 2008," Samuel Gerdano, executive director of the American Bankruptcy Institute, said in a statement.

The American Bankruptcy Institute released data Wednesday along with the National Bankruptcy Research Center.

The number of households filing for bankruptcy in November increased to 28 percent over the same month last year.

However, the number of consumer bankruptcies in November actually decreased by 5.5% from October.

In November, 39.5 percent of the 71,799 consumer bankruptcy filings were made under federal Chapter 13, which protects bankrupt individuals from losing their homes in foreclosure.