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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.

Total U.S. Bankruptcies in First Half of 2008 Up 29 Percent from a Year Ago

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

 

TOTAL U.S. BANKRUPTCIES IN FIRST HALF OF 2008 UP 29 PERCENT FROM A YEAR AGO

August 27, 2008, Alexandria, Va.- The total number of U.S. bankruptcies filed during the first six months of 2008 increased 29.2 percent over the same period in 2007, according to data released today by the Administrative Office of the U.S. Courts. Total filings reached 522,205 during the first half of the calendar year of 2008 (January 1-June 30), compared to 404,090 cases filed over the same period in 2007.

“The continued rise in bankruptcies to their highest levels since Congress changed the law points to the growing strain on family budgets,” said ABI Executive Director Samuel J. Gerdano. “We expect this trend to continue through the end of the year, with cases surging past 1 million by year end.”

Filings by individuals or households with consumer debt increased 28.8 percent to 503,749 for the six-month period ending June 30, 2008, from the 2007 first-half total of 391,105. The overall percentage of consumers filing for chapter 13 protection fell slightly from 38.4 percent during the first half of 2007 (January 1-June 30) to 33.8 percent over the same period in 2008. Conversely, the first-half 2008 percentage of chapter 7 consumer filers increased to 66.1 percent from the 61.6 percent recorded in the first half of 2007.

Business filings for the six-month period ending June 30, 2008, totaled 18,456, representing a 42.1 percent increase over the first-half 2007 total of 12,985. Chapter 7 business liquidations increased to 13,002 in the first half of 2008, a 54.7 percent increase over the 8,404 business chapter 7 filings during the same period in 2007. Chapter 11 reorganizations also rose from 2,713 in the first half of 2007 to 3,470 in the same period of 2008, a 27.9 percent increase.

The 276,510 total filings for the second calendar quarter 2008 (April 1-June 30) represented a 12.5 percent increase from the first quarter 2008 (Jan. 1-March 31) filings of 245,695. Business filings in the second quarter of 2008 increased 11.8 percent to 9,743 over the 8,713 business filings in the first quarter. Of note, however, is that chapter 11 business filings decreased 8.5 percent in the second calendar quarter of 2008 to 1,658 from the 1,812 filings of the first quarter of 2008. Consumer filings increased 12.6 percent from 236,982 recorded in the first quarter of 2008 to 266,767 in the second quarter.

The 967,831 total filings for the 12-month period ending June 30, 2008, represented a 28.9 percent from the same period in 2007, which totaled 751,056. The bankruptcy filing rate per thousand U.S. residents totaled 3.15 for all chapters during the 12-month period ending June 30, 2008, as 2.0 Americans per thousand filed for chapter 7 while 1.12 per thousand filed for chapter 13 bankruptcy. Tennessee was the state with the highest per capita filing rate in the country with 6.92 residents per thousand filing in all chapters, and also had the highest per capita filing rate for chapter 13 filings at 4.08. The state with the highest per capita filing rate for chapter 7 bankruptcy was Michigan at 3.82 per thousand for the 12-month period ended June 30, 2008.

Nonbusiness filings for the 12-month period ending June 30, 2008, were up to 934,009 filings, a 28.4 percent increase from the 727,167 total nonbusiness filings over the same period in 2007. Business filings for the 12-month period ending June 30, 2008, totaled 33,822, up 41.6 percent from the 23,889 bankruptcy petitions filed in the 12-month period ending June 30, 2007.

The 615,748 total chapter 7 filings for the 12-month period ending June 30, 2008, represent a 36.7 percent increase from the 450,332 filings from the same period in 2007. Total chapter 13 filings increased 16.9 percent to 344,421 in the 12-month period ending June 30, 2008, from 294,693 in the same period last year. Total chapter 11 filings also increased, rising 30.6 percent to 7,293 in 2008 from 5,586 in 2007. Contrasting the upward trend, however, were chapter 12 filings, which decreased 18.7 percent from 386 in 2007 to 314 in 2008.

BUSINESS FILINGS for the 3-month period ending June 30, 2008, totaled 9,743, up 45.3 percent from the 6,705 bankruptcy business cases filed in the same period in 2007. NON-BUSINESS FILINGS for the 3-month period ending June 30, 2008, increased 30.9 percent from 203,744 in 2007 to 266,767 in 2008.

The chapter* breakdown of BUSINESS filings for the 3-month period ending June 30, 2008, is: 7,043 chapter 7s, 1,658 chapter 11s, 85 chapter 12s and 940 chapter 13s.

The chapter breakdown of NON-BUSINESS filings for the 3-month period ending June 30, 2008, is: 180,353 chapter 7s, 230 chapter 11s and 86,184 chapter 13s.

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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 11,700 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.

*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 Increase Nearly 38 Percent in 2007

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

 

TOTAL BANKRUPTCY FILINGS INCREASE NEARLY 38 PERCENT IN 2007

April 15, 2008 Alexandria, Va. — Total bankruptcy filings in the United States increased 37.8 percent last year over calendar year 2006, according to data released today from the Administrative Office of the U.S. Courts (AOUSC). Bankruptcy filings totaled 850,912 for the 12-month period ending Dec. 31, 2007, a significant increase over the previous year’s total of 617,660. While the total filings for calendar year 2006 reflected a significant drop due to the implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, the 2007 filing totals mark an increase across all chapters of the Bankruptcy Code for both consumer and business filings from the previous year.  

“The latest figures ratify trends that began last year, depicting households under growing stress from heavy consumer debts, now in homes they can’t afford and can’t sell,” said ABI Executive Director Samuel J. Gerdano.

Business bankruptcies recorded the sharpest percentage increase as the 28,322 business filings during calendar year 2007 represented a 43.8 percent increase in filings from the record low of 19,695 filings made during the 12-month period ending Dec. 31, 2006. While the 12-month business filing total for 2007 was still lower than any year prior to 2006, the 2007 total was trending towards the 35,293 business filings averaged annually for the past decade (1998-2007). 

Consumer filings rebounded to 822,590 during the 2007 calendar year, representing a 37.6 percent increase over the 597,965 recorded during the same period in 2006. The 500,613 consumer chapter 7 filings during the 12-month period ending Dec. 31, 2007, comprised 60.9 percent of the total consumer filings for the 2007 calendar year. The chapter 7 total for 2007 represented a 43.4 percent increase over the 349,012 consumer chapter 7 filings during 2006.

The 321,359 consumers who filed for chapter 13 during the 12-month period ending Dec. 31, 2007, comprised 39.1 percent of the overall consumer filing total. The chapter 13 total for 2007 represents a 29.4 percent increase over the 248,430 consumer chapter 13 filings during 2006.

The 226,413 total bankruptcies recorded during the fourth calendar quarter of 2007 (Oct.1-Dec. 31) represent a 27.5 percent increase from the 177,599 filings during the same period in 2006. The 2007 fourth calendar quarter filing total was the highest of any previous quarter for 2007 and represented a 3.4 percent increase over the third quarter (July 1 – Sept. 30) total of 218,909.

The 218,428 consumer filings in the fourth quarter of 2007 represent a 27 percent increase in comparison to the 172,013 consumer filings for the same quarter of 2006. The consumer filing total for the fourth calendar quarter also represented a 3.2 percent increase from the previous total of 211,742 filings from the third quarter of 2006.

Business filings, which totaled 7,985 for the fourth calendar quarter of 2007, represented a 43 percent increase from the 5,586 filed in the same 3-month period in 2006 (Oct. 1-Dec. 31). Business filings also rose over the previous quarter as the fourth calendar quarter represented a 11.4 percent increase over 7,167 business filings reported during the third quarter of 2007 (July 1- Sept. 30).

The chapter* breakdown of BUSINESS filings for the 3-month period ending Dec.31, 2007, is 5,420 chapter 7s, 1,612 chapter 11s, 77 chapter 12s and 869 chapter 13s.

The chapter breakdown of NONBUSINESS filings for the 3-month period ending Dec. 31, 2007, is 132,192 chapter 7s, 181 chapter 11s and 86,055 chapter 13s.

States with the HIGHEST PER CAPITA FILING RATE (Total Filings) for the 12-month period ending Dec. 31, 2007:

1. Tennessee
2. Georgia
3. Alabama
4. Indiana
5. Michigan
6. Ohio
7. Nevada
8. Arkansas
9. Kentucky
10. Mississippi

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

1.                      District of Nevada: 98.5%

2.                      Eastern District of California: 93.6%

3.                      Central District of  California: 91.2%

4.                      Southern District of California: 82.9%

5.                      District of Maine: 74.2%

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

1.                      District of the Virgin Islands: 0.0%

2.                      District of the Northern Mariana Islands: 0.0%

3.                      District of Montana: 1.8%

4.                      Western District of North Carolina: 8.9%

5.                      Middle District of North Carolina: 11.3%

More information will be available at  ABI’s Statistics Page, http://www.abiworld.org/statistics.

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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 11,700 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.

*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
             jhartgen@abiworld.org

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

July Consumer Bankruptcy Filings Increase 48 Percent over Previous Year

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


JULY CONSUMER BANKRUPTCY FILINGS INCREASE 48 PERCENT OVER PREVIOUS YEAR

August 4, 2008, Alexandria, Va. U.S. consumer bankruptcy filings increased 48 percent nationwide in July 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 July consumer filing total of 94,124 also represented an increase of 13.7 percent from the 82,770 filings recorded in June. Chapter 13 filings constituted 32.5 percent of all consumer cases in July, a slight decrease from June. 

“The most recent uptick in bankruptcy filings reflects growing stress on the household finances of U.S. families,” said ABI Executive Director Samuel J. Gerdano.  “We expect bankruptcies to continue to surge past 1 million new cases 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 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.

 

November Consumer Bankruptcy Filings Drop 13 Percent from October

Contact: John Hartgen
             703-894-5935
             jhartgen@abiworld.org

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/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.

February Consumer Bankruptcy Filings Increase 15 Percent

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

FEBRUARY CONSUMER BANKRUPTCY FILINGS INCREASE 15 PERCENT

March 3, 2008, Alexandria, Va. U.S. consumer bankruptcy filings increased more than 15.2 percent nationwide in February over the previous month, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). Overall consumer filings totaled 76,120 in February, up from the 66,050 consumer filings recorded in January. The figure was also up 37.3 percent from February 2007. Chapter 13 filings constituted 36.4 percent of all consumer cases in February, down slightly from last month.  

“February's bankruptcy spike -- the highest single month since the 2005 law changes -- forecasts the start of more to come for the balance of 2008,” 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 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.

March Consumer Bankruptcy Filings Reach Highest Monthly Total Since 2005 Bankruptcy Overhaul

Contact: John Hartgen
             703-894-5935
             jhartgen@abiworld.org

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

April 2, 2010 Alexandria, Va. —The 149,268 consumer bankruptcies filed in March represented the highest monthly consumer filing total since Congress overhauled the Bankruptcy Code in 2005, according to the American Bankruptcy Institute (ABI) relying on data from the National Bankruptcy Research Center (NBKRC). The March filing total represented a 34 percent increase from the February filing total of 111,693  and a 23 percent increase from March 2009 total of 121,413. Chapter 13 filings constituted 25 percent of all consumer cases in March, representing a 2 percent decrease from February.

“The sustained economic pressures of unemployment coupled with high pre-existing debt burdens are a formula for consumer filings to surpass 1.5 million filings,” said ABI Executive Director Samuel J. Gerdano. “As consumers continue to look to bankruptcy for financial shelter, annual filings will likely equal those averaged in the years leading up to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.”

###

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.

 

November Consumer Bankruptcy Filings Increase 39 Percent over Last Year

Contact: John Hartgen
             703-442-0133
             jhartgen@abiworld.org

NOVEMBER CONSUMER BANKRUPTCY FILINGS INCREASE 39 PERCENT OVER LAST YEAR

December 3, 2008, Alexandria, Va. U.S. consumer bankruptcy filings increased 39.2 percent nationwide in November 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 November consumer filing total of 99,925 represented a slight decrease from the October total of 106,266. Chapter 13 filings constituted 32.7 percent of all consumer cases in November, a slight increase from October. 

“While new bankruptcies dipped slightly in November from the yearly high reached last month, we are still on track for nearly 1.1 million new cases this year, the highest figure since Congress changed the bankruptcy laws in 2005,” said ABI Executive Director Samuel J. Gerdano. “We expect the alarming rate of personal bankruptcies to continue well into 2009.”  

###

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.

 

Consumer Bankruptcy Filings Increase 17 Percent in August

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


CONSUMER BANKRUPTCY FILINGS INCREASE 17 PERCENT IN AUGUST

September 6, 2007, Alexandria, Va. U.S. consumer bankruptcy filings increased 17.3 percent nationwide in August from the previous month, according to the American Bankruptcy Institute (ABI). Relying on data provided by the National Bankruptcy Research Center (NBKRC), overall consumer filings totaled 74,607 in August, up from the 63,600 filings in July. The figure was also up 31.2 percent from August 2006. Chapter 13 filings constituted 39.6 percent of all consumer cases in August, down slightly from last month.  

'The uptick in August bankruptcies continues the trend we've seen all year,' observed ABI Executive Director Samuel J. Gerdano. 'Families facing heavy household debts are increasingly turning to bankruptcy as a short-term fix.'

###

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.

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