Total U.S. Bankruptcies in First Half of 2010 Up 14 Percent over First Half of 2009
Contact: John Hartgen
703-894-5935
[email protected]
TOTAL U.S. BANKRUPTCIES IN FIRST HALF OF 2010 UP 14 PERCENT OVER FIRST HALF OF 2009
August 17, 2010, Alexandria, Va.— The total number of U.S. bankruptcies filed during the first six months of 2010 increased 14 percent over the same six-month period in 2009, according to data released today by the Administrative Office of the U.S. Courts. Total filings reached 810,209 during the first half of the calendar year of 2010 (January 1-June 30), compared to 711,550 cases filed over the same period in 2009. The totals represent the highest number of filings for the first six months of a calendar year since 2005, when the Bankruptcy Code was amended.
“Bankruptcy continues to be the last resort for many Americans seeking financial relief from household debt, unemployment and the economic downturn,” said ABI Executive Director Samuel J. Gerdano. “The first half 2010 filings show that bankruptcies are on pace to surpass 1.6 million by year end.”
Business filings decreased 4 percent for the six-month period ending June 30, 2010, to 29,059 from the first-half 2009 total of 30,333. Chapter 11 business reorganizations registered the sharpest decrease, as the 6,152 filings during the first half of 2010 represented a 17 percent drop from the 7,396 total chapter 11 business filings during the first half of 2009. Chapter 7 business liquidations remained nearly unchanged, as there were 20,385 in the first half of 2010, a half percent increase from the 20,375 business chapter 7 filings during the same period in 2009.
Filings by individuals or households with consumer debt increased 15 percent to 781,150 for the six-month period ending June 30, 2010, from the 2009 first-half total of 681,217. Consumers filing for chapter 7 protection increased 17 percent to 571,417 during the first half of 2010 from 489,128 during the first six months of 2009. Consumer chapter 13 filings increased as well, rising 9 percent as 208,778 consumers filed for chapter 13 in the first half of 2010 from 191,458 during the first half of 2009.
The 422,061 total filings for the second calendar quarter 2010 (April 1-June 30) represented a 11 percent increase from the second quarter 2009 filing total of 381,073. Consumer filings increased 12 percent from 365,059 recorded in the second quarter of 2009 to 407,609 filings in the second quarter 2010. Business filings decreased 10 percent from 16,014 in the second quarter 2009 to 14,452 filings in the second quarter of 2010.
The 1,572,597 total filings for the 12-month period ending June 30, 2010, represented a 20 percent increase from the same period in 2009, which totaled 1,306,315. The bankruptcy filing rate per thousand U.S. residents totaled 5.05 for all chapters during the 12-month period ending June 30, 2010, as 3.64 Americans per thousand filed for chapter 7 while 1.36 per thousand filed for chapter 13 bankruptcy.
Nevada maintained its position as the state with as the state with the highest per capita filing rate in the country, with 11.74 residents per thousand filing in all chapters, and also had the highest per capita filing rate for chapter 7 filings at 8.71. The state with the highest per capita filing rate for chapter 13 bankruptcy was Alabama at 4.16 per thousand for the 12-month period ended June 30, 2010.
Nonbusiness filings for the 12-month period ending June 30, 2010, were up to 1,521,989, a 21 percent increase from the 1,251,294 total nonbusiness filings over the same period in 2009. Business filings for the 12-month period ending June 30, 2010, totaled 59,608, up 8 percent from the 55,021 bankruptcy petitions filed in the 12-month period ending June 30, 2009.
The 1,133,320 total chapter 7 filings for the 12-month period ending June 30, 2010, represent a 25 percent increase from the 907,603 filings from the same period in 2009. Total chapter 11 filings increased 2 percent to 14,272 in the 12-month period ending June 30, 2010 from 13,951 during the same period in 2009. Total chapter 13 filings also increased 10 percent to 424,242 in the 12-month period ending June 30, 2010, from 384,187 during the same period last year. Chapter 12 filings increased 56 percent from 422 in the 12-month period ending June 30, 2009 to 660 for the same period in 2010.
Chapter breakdowns of BUSINESS filings for the 3-month period ending June 30, 2010: 10,311 chapter 7s; 2,859 chapter 11s; 194 chapter 12s; and 1,071 chapter 13s.
Chapter breakdown of NON-BUSINESS filings for the 3-month period ending June 30, 2010: 299,369 chapter 7s; 511 chapter 11s; and 107,727 chapter 13s.
###
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 12,600 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.
*Definitions from Bankruptcy
Overview: Issues, Law and Policy, by the American Bankruptcy
Institute
Chapter 7 of the Bankruptcy Code is available to both
individual and business debtors. Its purpose is to achieve a fair
distribution to creditors of the debtor’s available non-exempt
property. Unsecured debts not reaffirmed are discharged, providing
a fresh financial start.
Chapter 11 of the Bankruptcy Code is available for both business and consumer debtors. Its purpose is to rehabilitate a business as a going concern or reorganize an individual’s finances through a court-approved reorganization plan.
Chapter 12 of the Bankruptcy Code is designed to give special debt relief to a family farmer with regular income from farming.
Chapter 13 of the Bankruptcy Code is available for an individual with regular income whose debts do not exceed specific amounts; it is typically used to budget some of the debtor’s future earnings under a plan through which unsecured creditors are paid in whole or in part.
July Consumer Bankruptcy Filings Up 9 Percent from Last Month Year
Contact: John Hartgen
703-894-5935
[email protected]
JULY CONSUMER BANKRUPTCY FILINGS UP 9 PERCENT FROM LAST MONTH, YEAR
August 3, 2010, Alexandria, Va.— The 137,698 consumer bankruptcies filed in July represented a 9 percent increase nationwide over the 126,434 filings recorded in July 2009, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). NBKRC’s data also showed that the July consumer filings represented a 9 percent increase from the 126,270 consumer filings recorded in June 2010. Chapter 13 filings constituted 28 percent of all consumer cases in July, a slight increase from June.
“Debt burdens, unemployment and an uncertain economic climate continue to weigh on consumers,” said ABI Executive Director Samuel J. Gerdano. “The pace of consumer filings this year remains on track to top 1.6 million filings.”
###
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 12,600 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.
*Definitions
from Bankruptcy Overview: Issues, Law and Policy, by the
American Bankruptcy Institute.
Chapter 7 of the Bankruptcy Code is available to both
individual and business debtors. Its purpose is to achieve a fair
distribution to creditors of the debtor’s available non-exempt
property. Unsecured debts not reaffirmed are discharged, providing
a fresh financial start.
Chapter 11 of the Bankruptcy Code is available for both business and consumer debtors. Its purpose is to rehabilitate a business as a going concern or reorganize an individual’s finances through a court-approved reorganization plan.
Chapter 12 of the Bankruptcy Code is designed to give special debt relief to a family farmer with regular income from farming.
Chapter 13 of the Bankruptcy Code is available for an individual with regular income whose debts do not exceed specific amounts; it is typically used to budget some of the debtor’s future earnings under a plan through which unsecured creditors are paid in whole or in part.
Consumer Bankruptcy Filings Up 11 Percent Through Nine Months of 2010
Contact: John Hartgen
703-894-5935
[email protected]
CONSUMER BANKRUPTCY FILINGS UP 11 PERCENT THROUGH NINE MONTHS OF 2010
October 4, 2010, Alexandria, Va.— U.S. consumer
bankruptcy filings totaled 1,165,172 nationwide during the first nine
months of 2010 (Jan. 1-Sept. 30), an 11 percent increase over the
1,046,449 total consumer filings during the same period a year ago,
according to the American Bankruptcy Institute (ABI), relying on data
from the National Bankruptcy Research Center (NBKRC). The consumer
filings for the three-quarters of 2010 represent the highest total since
2005, when Congress enacted the Bankruptcy Abuse Prevention and Consumer
Protection Act (BAPCPA) to try and stem the tide of filings.
“While the 2005 bankruptcy overhaul law aimed to reduce filings,
overall consumer debt and continued financial stress have led to
consumer bankruptcies climbing back to pre-BAPCPA levels,” said
ABI Executive Director Samuel J. Gerdano. “We
expect that there will be nearly 1.6 million new bankruptcy filings by
year end.”
The overall September consumer filing total of 130,329 was 4.4 percent
more than the 124,790 consumer filings recorded in September 2009.
The September total also represented a 3.3 percent increase from the
August 2010 total of 127,028 consumer filings. Chapter 13 filings
constituted 30 percent of all consumer cases in September, a slight
increase from August.
###
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
12,600 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.
August Consumer Bankruptcy Filings Fall 8 Percent This Month
Contact: John Hartgen
703-894-5935
[email protected]
AUGUST CONSUMER BANKRUPTCY FILINGS FALL 8 PERCENT THIS MONTH
September 1, 2010, Alexandria, Va.— The 127,028 consumer bankruptcies filed in August represented a 8 percent decrease nationwide over the 137,698 filings recorded in July 2010, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). Though a decrease from the previous month, NBKRC’s data also showed that the August 2010 consumer filings represented a 6 percent increase from the 119,874 consumer filings recorded in August 2009. Chapter 13 filings constituted 29 percent of all consumer cases in August, a slight increase from July.
“While monthly filings are volatile, consumer bankruptcies are still the highest they have been since Congress overhauled the bankruptcy law in 2005,” said ABI Executive Director Samuel J. Gerdano. “Consumer filings remain on track to top 1.6 million filings in 2010.”
###
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 12,600 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.
*Definitions from
Bankruptcy Overview: Issues, Law
and Policy, by the
American Bankruptcy Institute.
Chapter
7 of the Bankruptcy Code is available to both individual and
business debtors. Its purpose is to achieve a fair distribution to
creditors of the debtor’s available non-exempt property.
Unsecured debts not reaffirmed are discharged, providing a fresh
financial start.
Chapter 11 of the Bankruptcy Code is available for both business and consumer debtors. Its purpose is to rehabilitate a business as a going concern or reorganize an individual’s finances through a court-approved reorganization plan.
Chapter 12 of the Bankruptcy Code is designed to give special debt relief to a family farmer with regular income from farming.
Chapter 13 of the Bankruptcy Code is available for an individual with regular income whose debts do not exceed specific amounts; it is typically used to budget some of the debtor’s future earnings under a plan through which unsecured creditors are paid in whole or in part.
October Consumer Bankruptcy Filings Increase Slightly from Previous Month
Contact: John Hartgen
703-894-5935
[email protected]
November 2, 2010, Alexandria, Va.— U.S.
consumer bankruptcy filings totaled 132,173 nationwide during October, a
1.4 percent increase over the 130,329 total consumer filings recorded in
September, according to the American Bankruptcy Institute (ABI), relying
on data from the National Bankruptcy Research Center (NBKRC). While the
October consumer filings represented an increase from the previous
month, they represented a 2.75 percent decrease from the October 2009
total of 135,913. Chapter 13 filings constituted 29.7 percent of all
consumer cases in October, a slight decrease from September.
“As the issues of unemployment and economic stress weigh heavily
on today’s elections, consumers continue to seek the financial
shelter of bankruptcy,” said ABI Executive DirectorSamuel J.
Gerdano. “We anticipate that there will be nearly 1.6 million
consumer bankruptcy filings by year end.”
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
12,600 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/
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.
*Definitions from Bankruptcy Overview: Issues, Law and Policy, by the
American Bankruptcy Institute.
Chapter 7 of the Bankruptcy Code is available to both individual and
business debtors. Its purpose is to achieve a fair distribution to
creditors of the debtor’s available non-exempt property.
Unsecured debts not reaffirmed are discharged, providing a fresh
financial start.
Chapter 11 of the Bankruptcy Code is available for both business and
consumer debtors. Its purpose is to rehabilitate a business as a going
concern or reorganize an individual’s finances through a
court-approved reorganization plan.
Chapter 12 of the Bankruptcy Code is designed to give special debt
relief to a family farmer with regular income from farming.
Chapter 13 of the Bankruptcy Code is available for an individual with
regular income whose debts do not exceed specific amounts; it is
typically used to budget some of the debtor’s future earnings
under a plan through which unsecured creditors are paid in whole or in
part.
November Consumer Bankruptcy Filings Drop 13 Percent from October
Contact: John Hartgen
703-894-5935
[email protected]
NOVEMBER CONSUMER BANKRUPTCY FILINGS DROP 13 PERCENT FROM OCTOBER
December 1, 2010, Alexandria, Va. - U.S. consumer bankruptcy filings totaled 114,587 nationwide during November, a 13.3 percent drop from the 132,173 total consumer filings recorded in October, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). While the November consumer filings represented a decrease from the previous month, they represented a 2.2 percent increase from the November 2009 total of 112,152. Chapter 13 filings constituted 29.6 percent of all consumer cases in November, a slight decrease from October.
'The drop in consumer filings from October is perhaps a positive step that the deleveraging of the U.S. consumer may be underway, after years of expanding consumer debt,' said ABI Executive Director Samuel J. Gerdano. 'Still, we anticipate that there will be nearly 1.6 million consumer bankruptcy filings by year end.'
###
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
12,600 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, visithttp://www.abiworld.org/
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.
*Definitions from Bankruptcy Overview:
Issues, Law and Policy, by the American Bankruptcy Institute.
Chapter 7 of the Bankruptcy Code is available to both
individual and business debtors. Its purpose is to achieve a fair
distribution to creditors of the debtor's available non-exempt
property. Unsecured debts not reaffirmed are discharged, providing
a fresh financial start.
Chapter 11 of the Bankruptcy Code is available for both business and consumer debtors. Its purpose is to rehabilitate a business as a going concern or reorganize an individual's finances through a court-approved reorganization plan.
Chapter 12 of the Bankruptcy Code is designed to give special debt relief to a family farmer with regular income from farming.
Chapter 13 of the Bankruptcy Code is available for an individual with regular income whose debts do not exceed specific amounts; it is typically used to budget some of the debtor's future earnings under a plan through which unsecured creditors are paid in whole or in part.
Total Bankruptcy Filings Up 11 Percent Through First Nine Months of 2010 While Business Filings Decrease
Contact: John Hartgen
703-894-5935
[email protected]
TOTAL BANKRUPTCY FILINGS UP 11 PERCENT THROUGH FIRST NINE MONTHS OF 2010 WHILE BUSINESS FILINGS DECREASE
November 8, 2010 Alexandria, Va.— The 1,222,589
total U.S. bankruptcies filed for the first nine months of 2010 (Jan. 1
– Sept. 30) represented an 11 percent increase over the 1,100,035
cases filed over the same period in 2009, according to data released
today by the Administrative Office of the U.S. Courts. Consumer filings
totaled 1,179,573 for the first nine months of 2010 representing nearly
a 12 percent increase over 1,054,525 filed during the same period in
2009. Bankruptcies have continued to increase since the 2005 amendments
to the Bankruptcy Code.
“As the economy looks to climb out of the recent recession,
businesses and consumers continue to file for bankruptcy to regain their
financial footing,” said ABI Executive Director Samuel J.
Gerdano. “With unemployment hovering near 10 percent and
access to credit remaining tight, total filings in 2010 will likely
exceed 1.6 million.”
The 43,016 business bankruptcies recorded during the first three
quarters of 2010 (Jan. 1 – Sept. 30) represented nearly a 6
percent drop from the 45,510 business filings during the same period in
2009. Business filings during the three-month period ending Sept. 30,
2010, totaled 13,957 filings, down 8 percent over the 15,177 business
filings in 2009. Chapter 11 business filings decreased nearly 5 percent
to 2,916 during the third quarter of 2010, compared to the 3,060 filings
during the similar period in 2009. Chapter 7 business filings totaled
9,807 during the three-month period ending Sept. 30, 2010, representing
a 9 percent decrease over the 10,798 filings during the same period in
2009.
The 1,596,355 total filings for the 12-month period ending Sept. 30, 2010, were up nearly 14 percent from the same period in 2009, which totaled 1,402,816. Nonbusiness filings for the 12-month period ending Sept. 30, 2010, totaled 1,538,033, an increase of 14 percent from the 1,344,095 total nonbusiness filings calculated over the same period in 2009. However, business filings decreased slightly for the 12-month period ending Sept. 30, 2010, as the 58,322 business filings were down nearly 1 percent from the 58,721 business petitions filed in the 12-month period ending Sept. 30, 2009.
The 1,146,511 total chapter 7 filings for the 12-month period ending
Sept. 30, 2010, represent a 16 percent increase from the 989,227 filings
from the same period in 2009. Total chapter 13 filings increased 9
percent to 434,839 in the 12-month period ending Sept. 30, 2010, from
398,210 in the same period last year. In addition, total chapter 12
filings nearly doubled, increasing 45 percent from 487 in 2009 to 707 in
2010. Total chapter 11 filings fell, however, decreasing nearly 4
percent to 14,191 in 2010 from 14,745 in 2009.
The 412,380 total U.S. bankruptcies filed during the third quarter of
2010 (July 1 – Sept. 30) represented a 6 percent increase over the
388,485 cases filed over the same period in 2009. Consumer filings
totaled 398,423 during the third quarter of 2010 (July 1-Sept. 30),
representing a 7 percent increase over the 373,308 filed during the same
period of 2009. Consumer chapter 7 filings during the 2010 third quarter
totaled 280,006, an increase of 5 percent over the 2009 third quarter
total of 265,721. Chapter 13 consumer filings also increased during the
three-month period ending Sept. 30, 2010, with the 117,893 filings,
representing an 10 percent increase over the 107,142 filings during the
same period in 2009.
BUSINESS FILINGS for the 3-month period ending Sept.
30, 2010, totaled 13,957, down nearly 8 percent from the 15,177
bankruptcy business cases filed in the same period in 2009.
NON-BUSINESS FILINGS for the 3-month period ending
Sept. 30, 2010, increased 7 percent from 373,308 in 2009 to 398,423 in
2010.
The chapter* breakdown of BUSINESS filings for the 3-month period ending
Sept. 30, 2010, is: 9,807 chapter 7s, 2,916 chapter 11s, 202 chapter 12s
and 1,011 chapter 13s.
The chapter breakdown of NON-BUSINESS filings for the 3-month period
ending Sept. 30, 2010, is: 280,006 chapter 7s, 524 chapter 11s and
117,893 chapter 13s.
###
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
12,600 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.
*Definitions from Bankruptcy Overview: Issues, Law and Policy, by the
American Bankruptcy Institute
Chapter 7 of the Bankruptcy Code is available to both individual and
business debtors. Its purpose is to achieve a fair distribution to
creditors of the debtor’s available non-exempt property.
Unsecured debts not reaffirmed are discharged, providing a fresh
financial start.
Chapter 11 of the Bankruptcy Code is available for both business and
consumer debtors. Its purpose is to rehabilitate a business as a going
concern or reorganize an individual’s finances through a
court-approved reorganization plan.
Chapter 12 of the Bankruptcy Code is designed to give special debt
relief to a family farmer with regular income from farming.
Chapter 13 of the Bankruptcy Code is available for an individual with
regular income whose debts do not exceed specific amounts; it is
typically used to budget some of the debtor’s future earnings
under a plan through which unsecured creditors are paid in whole or in
part.
Consumer Bankruptcy Filings Increase 9 Percent in 2010
Contact: John Hartgen
703-894-5935
[email protected]
CONSUMER BANKRUPTCY FILINGS INCREASE 9 PERCENT IN 2010
January 3, 2011, Alexandria, Va.— U.S. consumer
bankruptcies increased 9 percent nationwide in 2010 from the previous
year, according to the American Bankruptcy Institute (ABI) relying on
data from the National Bankruptcy Research Center (NBKRC). The data
showed that the overall consumer filing total for the 2010 calendar year
(Jan. 1 – Dec. 31, 2010) reached 1,530,078 compared to the
1,407,788 total consumer filings recorded during 2009. Annual consumer
filings have increased each year since the Bankruptcy Abuse Prevention
and Consumer Prevention Act was enacted in 2005.
“The steady climb of consumer filings notwithstanding the 2005
bankruptcy law restrictions demonstrate that families continue to turn
to bankruptcy as a result of high debt burdens and stagnant income
growth,” said ABI Executive Director Samuel J.
Gerdano. “We expect that consumer filings will continue
to rise in 2011.”
NBKRC’s data also showed that the 118,146 consumer filings
recorded in December 2010 represented a 4 percent increase from the
113,274 filings in December 2009. The December 2010 consumer filings
also represented a 3 percent increase from the November 2010 total of
114,587. Chapter 13 filings constituted 30 percent of all consumer cases
in December, a slight increase from November.
###
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 12,600 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.
*Definitions from Bankruptcy Overview: Issues, Law and Policy, by the
American Bankruptcy Institute.
Chapter 7 of the Bankruptcy Code is available to both
individual and business debtors. Its purpose is to achieve a fair
distribution to creditors of the debtor’s available non-exempt
property. Unsecured debts not reaffirmed are discharged, providing
a fresh financial start.
Chapter 11 of the Bankruptcy Code is available for both business and
consumer debtors. Its purpose is to rehabilitate a business as a going
concern or reorganize an individual’s finances through a
court-approved reorganization plan.
Chapter 12 of the Bankruptcy Code is designed to give special debt
relief to a family farmer with regular income from farming.
Chapter 13 of the Bankruptcy Code is available for an individual with
regular income whose debts do not exceed specific amounts; it is
typically used to budget some of the debtor’s future earnings
under a plan through which unsecured creditors are paid in whole or in
part.
January Consumer Bankruptcy Filings Decrease 22 Percent from Previous Month
Contact: John Hartgen
703-894-5935
[email protected]
JANUARY CONSUMER BANKRUPTCY FILINGS DECREASE
22 PERCENT FROM PREVIOUS MONTH
February 1, 2011, Alexandria, Va.— January
consumer bankruptcies decreased 22 percent nationwide from December
2010, according to the American Bankruptcy Institute (ABI), relying on
data from the National Bankruptcy Research Center (NBKRC). The data
showed that the overall consumer filing total for January reached
92,669, down from the 118,146 consumer filings recorded in December
2010. The January 2011 consumer filings represent the lowest monthly
filing total since January 2009, when 88,773 filings were recorded.
'The decline in consumer filings in January represents a promising start
to 2011 after years of expanding consumer debt and financial distress,'
said ABI Executive Director Samuel J. Gerdano. 'Still,
we anticipate that there will be nearly 1.6 million consumer bankruptcy
filings by year end.'
The January 2011 consumer filing total also represented a 9 percent drop
from January 2010 total of 102,254. Chapter 13 filings constituted 32
percent of all consumer cases in January, a slight increase from
December.
###
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
12,800 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.
Bankruptcy Filings Will Increase in Fiscal Year 2011 According to Latest ABI Quick Poll
Contact: John Hartgen
703-894-5935
[email protected]
BANKRUPTCY FILINGS WILL INCREASE IN FISCAL YEAR 2011, ACCORDING TO LATEST ABI QUICK POLL
January 31, 2011, Alexandria, Va.— A majority of
respondents (74 percent) in a recent ABI Quick Poll predicted that
bankruptcy filings will increase in fiscal year 2011. Fifty-three
percent of respondents “strongly agreed” that filings would
increase, while 21 percent “somewhat agreed” that filings
would increase.
Total bankruptcies for fiscal year 2010 (Oct. 1, 2009-Sept. 30, 2010),
were 1,596,355, up 14 percent over total FY 2009 bankruptcy filings of
1,402,816, according to the Administrative Office of the U.S. Courts.
Bankruptcies have increased each fiscal year since 2005, when Congress
overhauled the Bankruptcy Code to reduce the number of consumers and
businesses filing for bankruptcy.
Twenty-one percent of respondents did not think that bankruptcy filings
would increase in fiscal year 2011. Seventeen percent “somewhat
disagreed” and four percent “strongly disagreed” that
filings would increase in FY2011. Four percent did not know or had no
opinion on the poll question.
ABI members and members of the public were welcome to submit their
response to the statement: “Bankruptcy filings will rise in fiscal
year 2011.”
ABI’s Quick Poll is posted on ABI’s home page, www.abiworld.org. ABI members and
the public are invited to respond to a question on a timely bankruptcy
or insolvency issue. Visit http://www.abiworld.net/quickpoll/
to access the results of previous ABI Quick Polls.
###
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
12,800 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.