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Consumer Bankruptcy Filings Reach Highest Monthly Total Since October 2005

Contact: John Hartgen
              (703) 739-0800
             
[email protected]

 

CONSUMER BANKRUPTCY FILINGS REACH HIGHEST MONTHLY TOTAL SINCE 2005 BANKRUPTCY LAW OVERHAUL

August 4, 2009, Alexandria, Va.— U.S. consumer bankruptcy filings reached 126,434 in July, the highest monthly total since the Bankruptcy Abuse Prevention and Consumer Protection Act was implemented in October 2005, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). The July 2009 consumer filing total represented a 34.3 percent increase nationwide from the same period a year ago, and an 8.7 percent increase over the June 2009 consumer filing total of 116,365. Chapter 13 filings constituted 28.3 percent of all consumer cases in July, slightly above the June rate.
 
'Today's bankruptcy filing number reflects the sustained and growing financial stress on U.S. households,' said ABI Executive Director
Samuel J. Gerdano. 'Rising unemployment on top of high pre-existing debt burdens is a formula for higher bankruptcies through the end of this year.'

###

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 12,000 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.

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 Filings Up Nearly 33 Percent in 2008

Contact: John Hartgen
              (703) 739-0800
             
[email protected]

CONSUMER BANKRUPTCY FILINGS UP NEARLY 33 PERCENT IN 2008

January 5, 2009, Alexandria, Va. U.S. consumer bankruptcy filings increased nearly 33 percent nationwide in 2008 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 2008 calendar year (Jan. 1 – Dec. 31, 2008) reached 1,064,927 compared to the 801,840 total consumer filings recorded during 2007.

“Consumers are under great financial stress, with no immediate end in sight,” said ABI Executive Director Samuel J. Gerdano. “We expect the upward spike in personal bankruptcies to continue in 2009.”

However, NBKRC’s data also showed that the 84,926 consumer filings recorded in December represented a 15 percent decrease from the 99,925 filings in November. Chapter 13 filings constituted 32 percent of all consumer cases in December, a slight decrease 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 11,700 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.

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.

 

April Consumer Bankruptcy Filings Up 15 Percent over Last Year

Contact: John Hartgen
             703-894-5935
             [email protected]

APRIL CONSUMER BANKRUPTCY FILINGS UP 15 PERCENT OVER LAST YEAR

May 3, 2010, Alexandria, Va. The 144,490 consumer bankruptcies filed in April represented a 15 percent increase nationwide over the 125,618 filings recorded in April 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 April consumer filings represented a 3 percent decrease from the 149,268 consumer filings recorded in March 2010. Chapter 13 filings constituted 25 percent of all consumer cases in April, remaining unchanged from March.

“As Congress continues to consider measures to protect and assist consumers, bankruptcy is still the last resort for families coping with unemployment and increasing debt loads,” said ABI Executive Director Samuel J. Gerdano. “Consumer filings this year will likely surpass 1.5 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.

June Consumer Bankruptcy Filings Increase Nearly 37 Percent over Previous Year

Contact: John Hartgen
             703-739-0800
             [email protected]

JUNE CONSUMER BANKRUPTCY FILINGS INCREASE NEARLY 37 PERCENT OVER PREVIOUS YEAR

July 9, 2007, Alexandria, Va. U.S. consumer bankruptcy filings increased 37.1 percent nationwide in June from the previous year, according to the American Bankruptcy Institute (ABI). Relying on data from the National Bankruptcy Research Center (NBKRC), overall consumer filings totaled 68,559 in June, nearly a 2 percent decrease from the 69,684 filings in May. Chapter 13 filings constituted 38.3 percent of all consumer cases in June, a slight increase over the previous three months.  

'While bankruptcy filings are up more than 30 percent from the same period last year, they are less than half of what they were in 2005,' said Samuel J. Gerdano, ABI Executive Director. 'However, the underlying concerns of high debt loads are still a constant, pointing to rising filings in the future.'

###

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.

*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.

Bankruptcy Filings Increase 66 Percent over First Quarter 2006

Contact: John Hartgen
             703-739-0800
             [email protected]

BANKRUPTCY FILINGS INCREASE 66 PERCENT OVER FIRST QUARTER 2006

June 27, 2007, Alexandria, Va. The total number of U.S. bankruptcies filed during the first three months of 2007 increased 65.83 percent over the same period in 2006 in all bankruptcy court districts, according to data released today by the Administrative Office of the U.S. Courts. As total filings reached 193,641 during the first calendar year quarter of 2007 (January 1-March 31), the total surpassed the 116,771 new cases that were filed over the same period in 2006. They also represent a 9.03 percent increase from the 177,599 bankruptcies filed during the fourth quarter of 2006 (Oct. 1 – Dec. 31, 2006).

'Though bankruptcy filings are still low from a historical outlook, new cases are being filed at much higher rates than a year ago, as more households feel the stress of high debt burdens, a trend that is likely to continue,' said ABI Executive Director Samuel J. Gerdano.

Consumer filings increased 66.27 percent to 187,361 for the three-month period ending March 31, 2007 from the 2006 first quarter total of 112,685. They also represent an 8.92 percent increase from the fourth quarter of 2006, which recorded a total of 172,013 nonbusiness filings. The percentage of consumers filing for chapter 13 protection fell slightly from 43.76 percent during the first quarter of 2006 (January 1-March 31) to 39.27 percent over the same period in 2007. The first quarter 2007 percentage of chapter 13 consumer filers is also down from the 42.47 percent recorded in the fourth quarter of 2006.

Business filings for the three-month period ending March 31, 2007 totaled 6,280, representing a 53.7 percent increase over the first quarter 2006 total of 4,086. The first quarter 2007 business filing total also represented a 12.42 percent increase over the fourth quarter 2006 total of 5,586.

While representing an increase over the first quarter 2006 totals, the 2007 first quarter filings are still below the 341,662 first quarter filing average recorded since 1997. This filing shortfall reflects the changes brought about by the implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). The new law, implemented on Oct. 17, 2005, requires that consumers first go through credit counseling before being eligible for bankruptcy. The new law also reduces the scope of bankruptcy relief.

The 695,575 total filings for the 12-month period ending March 31 were down 61.24 percent from the same period in 2006, which totaled 1,794,795 filings. Nonbusiness filings for the 12-month period ending March 31, 2007, totaled 673,615, down 61.72 percent from the 1,759,503 total nonbusiness filings in the 12-month period ending March 31, 2006. Business filings for the 12-month period ending March 31, 2007, totaled 21,960, down 37.78 percent from the 35,292 bankruptcy petitions filed in the 12-month period ending March 31, 2006.

The 413,294 total chapter 7 filings for the 12-month period ending March 31, 2007, represent a 71.14 percent decrease from the 1,432,074 filings from the same period in 2006. Chapter 13 filings fell 22.24 percent to 276,649 in the 12-month period ending March 31, 2007 from 355,756 in the same period last year. Chapter 11 filings also declined, falling 19.98 percent to 5,199 in 2007 from 6,497 in 2006. Chapter 12 filings rose 1.64 percent from 366 in 2006 to 372 in 2007.

BUSINESS FILINGS for the 3-month period ending March 31, 2007, totaled 6,280, up 53.7 percent from the 4,086 bankruptcy business cases filed in the same period in 2006. NON-BUSINESS FILINGS for the 3-month period ending March 31, 2007, increased 66.27 percent from 112,685 in 2006 to 187,361 in 2007.

The chapter* breakdown of BUSINESS filings for the 3-month period ending March 31, 2007, is: 4,071 chapter 7s, 1,283 chapter 11s, 104 chapter 12s and 817 chapter 13s.

The chapter breakdown of NON-BUSINESS filings for the 3-month period ending March 31, 2007, is: 113,659 chapter 7s, 123 chapter 11s and 73,579 chapter 13s.

Districts with the LOWEST PERCENTAGE DECREASE in Total Filings for the 12-month period ending March 31, 2007 (compared to the identical period in 2006):

  1. District of the Northern Mariana Islands: 27.59%
  2. Western District of Tennessee: 33.93%
  3. Southern District of Georgia: 35.65%   
  4. Northern District of Georgia: 38.28%
  5. Middle District of Tennessee: 38.49%

Districts with the HIGHEST PERCENTAGE DECREASE in Total Filings for the 12-month period ending March 31, 2007 (compared to the identical period in 2006):

  1. Eastern District of Louisiana: 78.87% 
         
  2. Eastern District of Oklahoma: 77.90%
  3. Southern District of West Virginia: 77.24%      
  4. Western District of Oklahoma: 77.18%
  5. District of Arizona: 75.24%

###

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.

*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.

March Consumer Bankrutcy Filings Increase 41 Percent Over Last Year

Contact: John Hartgen
              (703) 739-0800
             
[email protected]

 

MARCH CONSUMER BANKRUPTCY FILINGS INCREASE 41 PERCENT OVER LAST YEAR

April 2, 2009, Alexandria, Va.— U.S. consumer bankruptcy filings increased 41 percent nationwide in March from the same period a year ago, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). The overall March consumer filing total of 121,413 represented nearly a 24 percent increase from the February total of 98,344. Chapter 13 filings constituted 25 percent of all consumer cases in March, nearly a 5 percent decrease from February.

“Given the great financial stress facing U.S. households today, the March numbers are consistent with our prediction of over 1.4 million consumer filings for 2009,” said ABI Executive Director
Samuel J. Gerdano.

###

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 12,000 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.

*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.

First Quarter Bankruptcy Filings Fall to Lowest Levels Since 1985

Contact: John Hartgen
             (703) 739-0800
             [email protected]

FIRST QUARTER BANKRUPTCY FILINGS FALL TO LOWEST LEVELS SINCE 1985

May 26, 2006, Alexandria, Va. The total number of U.S. bankruptcies filed during the first three months of 2006 were the lowest on record in more than 20 years as filings fell to 116,771, according to data released today by the Administrative Office of the U.S. Courts. The total filings for the first calendar year quarter of 2006 (January 1-March 31, 2006) have not been experienced since the 1985 fourth calendar year quarter (October 1-December 31, 1985), when bankruptcy filings totaled 114,021. The 2006 first quarter calendar year filings also represent a 82.5 percent drop in filings from the previous quarter (October 1-December 31, 2005) when 667,431 new cases were filed. It is also represents a 70.89 percent drop compared to the 401,149 total filings for the same three-month period ending March 31, 2005.

A new bankruptcy law went into effect on October 17, 2005. The new law requires that consumers first go through credit counseling before being eligible for bankruptcy. The new law also reduces the scope of bankruptcy relief.

“Congress hoped the new law would reduce the number of new consumer bankruptcies and the latest figures reflect that intention, though there are still many families under financial stress,” said Samuel J. Gerdano, ABI Executive Director. “We haven’t seen numbers this low since the mid-1980’s, when a gallon of gasoline was $1.20.”

Consumer filings represented the largest drop-off as they decreased 82.79 percent to 112, 685 for the three-month period ending March 31, 2006 from 654,633 the previous three-month period ending December 31, 2005. They also represent a 71.33 percent decrease from the same period in 2005, which had a total of 393,086 nonbusiness filings.

Business filings for the three-month period ending March 31, 2006 also experienced significant decreases as the total of 4,086 filings were down 68.02 percent from the 2005 fourth quarter total of 12,798 and 49.32 percent from the 8,063 business cases filed in the same quarterly period of 2005.

However, total filings increased for each month of the three-month period ending March 31, 2006, as nearly half of the total filings (44.26 percent) occurred in the month of March with 51,683 filings. January 2006 totaled 28,368 filings, while 36,720 total filings were recorded for February 2006. The steady increase was in stark contrast to the previous quarter’s steep monthly drop due to the October 17, 2005, implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). Filings fell from a high of 630,468 in October 2005 to 14,480 for November 2005 and 22,927 for December 2005.

The total filings for the 12-month period ending March 31, 2006 were sustained by the surge of debtors filing for bankruptcy before the October 2005 implementation of BAPCPA. Total filings rose 12.81 percent to 1,794,795 compared to 1,590,975 bankruptcy cases filed in the 12-month period ending March 2005. Prior to the March 2006 12-month reporting period, bankruptcy filings rose 30 percent in the 12-month period ending December 31, 2005, which was also attributable to the rush prior to BAPCPA’s implementation.

Nonbusiness filings for the 12-month period ending March 31, 2006, totaled 1,759,503, up 12.86 percent from the 1,559,023 total nonbusiness filings in the 12-month period ending March 31, 2005. Business filings for the 12-month period ending March 31, 2006, totaled 35,292, up 10.45 percent from the 31,952 bankruptcy petitions filed in the 12-month period ending March 31, 2005.

Chapter 7 filings rose to 1,432,074 for the 12-month period ending March 31, 2006, representing a 25.43 percent increase from the 1,141,715 filings from the same period in 2005. Chapter 13 filings fell 19.48 percent, to 355,756 in the 12-month period ending March 31, 2006 from 441,838 in the same period last year. Chapter 11 filings also declined, falling 8.69 percent to 6,497 in 2006 from 7,115 in 2005. Chapter 12 filings rose 93.65 percent from 189 in 2005 to 366 in 2006.

BUSINESS FILINGS for the 3-month period ending March 31, 2006, totaled 4,086, down 49.32 percent from the 8,063 bankruptcy business cases filed in the same period in 2005. NON-BUSINESS FILINGS for the 3-month period ending March 31, 2006, decreased 71.33 percent from 393,086 in 2005 to 112,685 in 2006.

The chapter* breakdown of BUSINESS filings for the 3-month period ending March 31, 2006, is: 2,147 chapter 7s, 1,291 chapter 11s, 84 chapter 12s and 540 chapter 13s.

The chapter breakdown of NON-BUSINESS filings for the 3-month period ending March 31, 2006, is: 63,250 chapter 7s, 121 chapter 11s and 49,314 chapter 13s.

Districts with the Highest Percentage INCREASE in Total Filings for the 12-month period ending March 31, 2006 (compared to the identical period in 2005):

  1. District of Vermont: 39.76%
  2. Northern District of Indiana: 35.86%
  3. District of Alaska: 35.10%       
  4. Northern District of Ohio: 33.76
  5. Western District of Oklahoma: 33.37%

Districts with the Highest Percentage DECREASE in Total Filings for the 12-month period ending March 31, 2006 (compared to the identical period in 2005):

  1. Southern District of Georgia: 19.32%
  2. Middle District of Georgia: 17.14%
  3. Southern District of Alabama: 15.02% 
  4. District of South Carolina: 14.93%       
  5. District of Utah: 12.05%

###

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.

*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.

 

November Consumer Bankruptcy Filings Drop 18 Percent from Previous Month

Contact: John Hartgen
             703-894-5935
             [email protected]

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.'

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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 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.

 

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