November Consumer Bankruptcy Filings Drop 18 Percent from Previous Month
Contact: John Hartgen
NOVEMBER CONSUMER BANKRUPTCY FILINGS DROP 18 PERCENT FROM PREVIOUS MONTH
December 2, 2009, Alexandria, Va.— The 112,152 consumer filings in November represented a decrease of 18 percent from the 135,913 filings registered in October, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). Despite the drop from the previous month, the November filings represented a 12 percent increase over the 99,925 consumer filings in November 2008. Chapter 13 filings constituted 29 percent of all consumer cases in November, unchanged from the October rate.
'While bankruptcy filings cooled in November, consumers are still feeling the effects of rising unemployment rates and housing debt,' said ABI Executive Director Samuel J. Gerdano. 'Bankruptcies are set to top 1.4 million filings for 2009 as consumers and businesses continue to seek shelter from economic distress.'
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 12,400 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
NBKRC is an online research center that offers subscribers access to up-to-date research and statistics on bankruptcy filings. The database contains complete information dating back to 1995. For more information on NBKRC, please visit http://www.nbkrc.com.