Contact: John Hartgen
(703) 739-0800
color='#0000ff'>jhartgen@abiworld.org
CONSUMER
BANKRUPTCY FILINGS SURGE PAST ONE MILLION DURING FIRST NINE MONTHS OF
2009
size='3'>October 2, 2009, Alexandria,
Va.— Consumer bankruptcies totaled 1,046,449 filings through the
first nine months of 2009 (Jan. 1-Sept. 30), the first time since the
2005 bankruptcy overhaul that filings have surged past the 1 million
mark during the first three calendar quarters of a year, according to
the American Bankruptcy Institute (ABI), relying on data from the
National Bankruptcy Research Center (NBKRC). The filings for the first
three-quarters of 2009 were the highest total since the 1,350,360
consumer filings through the first nine months of
2005.
'Bankruptcy filings
continue to climb as consumers look to shelter themselves from the
effects of rising unemployment rates and housing debt,' said ABI
Executive Director
size='3'>Samuel J. Gerdano. 'The consumer
filing total through the first nine months is consistent with our
expectation that consumer bankruptcies will top 1.4 million in
2009.'
The September 2009 consumer
filing total reached 124,790, a 41 percent increase from the 88,663
consumer filings in September 2008. The September 2009 filings also
represented a 4 percent increase over the 119,874 filings in August 2009
and it is the fourth highest single month since the 2005 law change.
Chapter 13 filings constituted 28 percent of all consumer cases in
September, unchanged from the August rate.
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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 12,300 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
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