U.S. Households File for Bankruptcy at Record Levels in 2005
April 17, 2006, Alexandria, Va. — As consumers filed for bankruptcy in record numbers in 2005, the American Bankruptcy Institute (ABI) found that there was one personal bankruptcy for every 60 U.S. households in calendar year 2005, a record level driven largely in response to families looking to file for bankruptcy protection prior to the implementation the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). This is a 23 percent increase from calendar year 2004, which showed that nearly one out of 79 households filed for bankruptcy.
“The latest report
underscores the level of financial stress for
The data can be viewed
at http://www.abiworld.org/stats. The table, based on data from the
Administrative Office of the U.S. Courts (2005 non business bankruptcies
as of December 31, 2005) and the U.S. Bureau of the Census (U.S.
household unit estimates as of July 1, 2004), ranks households per
filing by state and nationally. The five states with the highest
bankruptcy household-per-filing rates are
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 11,000 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.