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November Consumer Bankruptcy Filings Increase 28 Percent over Previous Year

Contact: John Hartgen
             (703) 739-0800
            
jhartgen@abiworld.org

NOVEMBER CONSUMER BANKRUPTCY FILINGS INCREASE 28 PERCENT OVER PREVIOUS YEAR

December 5, 2007, Alexandria, Va. U.S. consumer bankruptcy filings increased more than 28 percent nationwide in November from the previous year, according to the American Bankruptcy Institute (ABI). Yet according to data from the National Bankruptcy Research Center (NBKRC), the overall November consumer filing total of 71,799 represented a 5.5 percent decrease from the 75,975 filings in October. Chapter 13 filings constituted 39.53 percent of all consumer cases in November, a slight increase over October. 

“Consumer bankruptcy filings remain elevated this year,” said ABI Executive Director Samuel J. Gerdano. “High household debt and the fallout from rising mortgage costs could contribute to a surge in bankruptcies in 2008.”

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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 11,500 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.