Contact: John Hartgen
703-739-0800
AUGUST CONSUMER BANKRUPTCY FILINGS UP 29 PERCENT
OVER PREVIOUS YEAR; SET POST-BAPCPA RECORD FOR SINGLE MONTH
September 3, 2008, Alexandria, Va.
face='Times New Roman' size='3'>— U.S. consumer
bankruptcy filings increased 29.2 percent nationwide in August 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 August consumer filing total of 96,413 also
set a single month high since the October 2005 effective date of the new
bankruptcy law. Chapter 13 filings constituted 33.2 percent of all
consumer cases in August, a slight increase from July.
“The latest data reflect the growing trend of U.S. consumers to
seek bankruptcy as a way out of financial problems,” said ABI
Executive Director
size='3'>Samuel J. Gerdano. “We expect
bankruptcies to exceed 1.1 million 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
face='Times New Roman'>www.abiworld.org. For additional
conference information, visit
title='blocked::http://www.abiworld.org/conferences.html'
href='http://www.abiworld.org/conferences.html'>
color='#0000ff'>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
href='http://www.nbkrc.com/'>
color='#0000ff'>http://www.nbkrc.com.
size='3'>*Definitions from Bankruptcy
Overview: Issues, Law and Policy
size='3'>, 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.
size='3'>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.
size='3'>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.
http://thomas.loc.gov/cgi-bin/bdquery/z?d109%3As_162%3A= http://thomas.loc.gov/cgi-bin/bdquery/z?d109%3As_162%3A=
Contact: John Hartgen
(703) 894-5935
MAY CONSUMER
BANKRUPTCY FILINGS UP 9 PERCENT FROM LAST YEAR; DOWN 6 PERCENT FROM
APRIL
June 2, 2010, Alexandria,
Va.— The 136,142 consumer bankruptcies filed in
May represented a 9 percent increase nationwide over the 124,838 filings
recorded in May 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 May consumer filings
represented a 6 percent decrease from the 144,490 consumer filings
recorded in April 2010. Chapter 13 filings constituted 26 percent of all
consumer cases in May, a slight increase from April.
“While consumer filings
dipped slightly from last month, housing debt and other financial
burdens weighing on consumers are still a cause for concern,” said
ABI Executive Director Samuel J. Gerdano. “Consumer filings
this year remain 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
color='#0000ff' size='3' face='Times New
Roman'>http://www.abiworld.org/conferences.html
face='Times New Roman'>.
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
size='3' face='Times New Roman'>http://www.nbkrc.com
size='3' face='Times New Roman'>.
*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.
Contact: John
Hartgen
703-739-0800
href='mailto:jhartgen@abiworld.org'>jhartgen@abiworld.org
TOTAL
BANKRUPTCY FILINGS UP 34 PERCENT, BUSINESS FILINGS UP 61 PERCENT IN
THIRD QUARTER
size='3'>December 15, 2008 Alexandria, Va.—
size='3'>The 292,291 total U.S. bankruptcies filed during the third
quarter of 2008 (July 1 – Sept. 30) represented a 34 percent
increase over the 218,909 cases filed over the same period in 2007,
according to data released today by the Administrative Office of the
U.S. Courts. Total filings for the first nine months of 2008 (Jan. 1
– Sept. 30) were up 35 percent to 841,496, compared to the 622,999
filings during the same period in 2007.
“The dramatic spike
in both personal and business bankruptcies reflects an economy in
distress, with worried consumers over-extended and unable to supply the
spending typically needed to keep the national economy going,”
said ABI Executive Director
size='3'>Samuel J. Gerdano.
The 29,960 business
bankruptcies recorded during the first three quarters of 2008 (Jan. 1
– Sept. 30) have eclipsed the full year 2007 (Jan. 1- Dec. 31)
business filing total of 28,137. Business filings represented the
sharpest increase during the three-month period ending Sept. 30, 2008,
with 11,504 filings, up 61 percent over the 7,167 business filings in
2007. Chapter 11 business filings spiked to 2,485 during the third
quarter of 2008, an increase of 76 percent over the 1,410 filings during
the similar period in 2007. Chapter 7 business filings also increased to
7,927 during the three-month period ending Sept. 30, 2008, representing
a 65 percent increase over the 4,816 filings during the similar period
in 2007.
Consumer filings totaled
280,787 during the third quarter of 2008 (July 1-Sept. 30), representing
a 33 percent increase over the 211,742 filed during the same period of
2007. Consumer chapter 7 filings during the 2008 third quarter totaled
187,227, an increase of 47 percent over the 2007 third quarter total of
127,192. Chapter 13 consumer filings also increased during the
three-month period ending Sept. 30, 2008, with the 93,333 filings,
representing an 11 percent increase over the 84,376 filings during the
same period in 2007.
The 1,042,993 total filings for
the 12-month period ending Sept. 30 were up more than 30 percent from
the same period in 2007, which totaled 801,269. The bankruptcy filing
rate per thousand U.S. residents totaled 3.38 for all chapters during
the 12-month period ending Sept. 30, 2008, as 2.21 Americans per
thousand filed for chapter 7 while 1.15 per thousand filed for chapter
13 bankruptcy, all increases from the similar period a year ago.
Tennessee was the state with the highest per capita filing rate in the
country, with 7.27 residents per thousand filing in all chapters, and
also had the highest per capita filing rate for chapter 13 filings at
4.16. The state with the highest per capita filing rate for chapter 7
bankruptcy was Nevada at 4.30 per thousand for the 12-month period ended
Sept. 30, 2008.
Nonbusiness filings for the
12-month period ending Sept. 30, 2008, totaled 1,004,342, an increase of
30 percent from the 775,344 total nonbusiness filings calculated over
the same period in 2007. Business filings for the 12-month period ending
Sept. 30, 2008, totaled 38,651, up 49 percent from the 25,925 bankruptcy
petitions filed in the 12-month period ending Sept. 30, 2007.
The 679,982 total chapter 7
filings for the 12-month period ending Sept. 30, 2008, represent a 40
percent increase from the 484,162 filings from the same period in 2007.
Chapter 11 filings also increased, rising 49 percent to 8,799 in 2008
from 5,888 in 2007. Total chapter 13 filings increased 14 percent to
353,828 in the 12-month period ending Sept. 30, 2008, from 310,802 in
the same period last year. Chapter 12 filings, however, decreased 8
percent from 361 in 2007 to 332.
size='3'>BUSINESS FILINGS for the 3-month
period ending Sept. 30, 2008, totaled 11,504, up 61 percent from the
7,167 bankruptcy business cases filed in the same period in 2007.
NON-BUSINESS FILINGS
for the 3-month period ending Sept. 30, 2008, increased
33 percent from 211,742 in 2007 to 280,787 in 2008.
The chapter* breakdown
of BUSINESS
filings for the 3-month period ending Sept. 30, 2008, is:
7,927 chapter 7s, 2,485 chapter 11s, 89 chapter 12s and 983 chapter
13s.
The chapter breakdown
of
size='3'>NON-BUSINESS filings for the 3-month
period ending Sept. 30, 2008, is: 187,227 chapter 7s, 227 chapter 11s
and 93,333 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 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
face='Times New Roman' color='#0000ff'
size='3'>http://www.abiworld.org/conferences.html
face='Times New Roman' size='3'>.
size='3'>*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.
size='3'>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.
size='3'>Chapter 12 of the Bankruptcy
Code is designed to give special debt relief to a family farmer with
regular income from farming.
size='3'>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.
Contact: John Hartgen
703-894-5935
href='mailto:jhartgen@abiworld.org'>jhartgen@abiworld.org
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
href='http://www.abiworld.org/'>www.abiworld.org. For additional
conference information, visit
href='http://www.abiworld.org/conferences.html'>http://www.abiworld.org/conferences.html.
/sites/default/files/collier/2010/June/juneweek2.pdf /sites/default/files/collier/2010/June/juneweek2.pdfContact: John Hartgen
703-894-5935
href='mailto:jhartgen@abiworld.org'>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
href='http://www.abiworld.org/'>www.abiworld.org. For additional
conference information, visit
href='http://www.abiworld.org/conferences.html'>http://www.abiworld.org/conferences.html.
Contact: John Hartgen
(703) 739-0800
color='#0000ff'>jhartgen@abiworld.org
JANUARY
CONSUMER BANKRUPTCY FILINGS INCREASE 34 PERCENT OVER LAST
YEAR
size='3'>February 3, 2009, Alexandria, Va
size='3'>.
size='3'>— U.S. consumer bankruptcy
filings increased 34.4 percent nationwide in January 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 January consumer filing total of 88,773 represented a slight
increase from the December total of 84,926.
Chapter 13 filings constituted 32.8 percent of all
consumer cases in January, a slight increase from
December.
“U.S. households
are under great financial stress today; for many, bankruptcy seems to be
their best option,” said ABI Executive Director
face='Times New Roman' size='3'>Samuel J. Gerdano
size='3'>. “We expect more than 1.4 million new cases filed
in 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
title='blocked::http://www.abiworld.org/conferences.html'
href='http://www.abiworld.org/conferences.html'>
size='3'>http://www.abiworld.org/conferences.html
face='Times New Roman' size='3'>.
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
href='http://www.nbkrc.com/'>
color='#0000ff' size='3'>http://www.nbkrc.com
face='Times New Roman' size='3'>.
size='3'>*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.
size='3'>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.
size='3'>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.
Contact:
Phone: 703-739-0800
Email: jhartgen@abiworld.org
Total Bankruptcies Eclipse the 2 Million Mark in 2005 as Consumers File in Record Numbers Prior to Implementation of New Bankruptcy Law
March 24, 2006 Alexandria, Va. — Bankruptcy filings eclipsed the two million mark for the first time in the
Driven largely in response to the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), consumers provided 98 percent of the overall total filings, the highest concentration of consumer filings on record, as nonbusiness filings during the 12-month period ending December 31, 2005, increased to a record 2,039,214, which was a 31 percent increase from the total of 1,563,145 of the same period in 2004. Business filings also increased to 39,201 for the 12-month period ending December 31, 2005, representing a 14 percent increase from the total of 34,317 from same period in 2004. This is the highest total of business bankruptcies in a calendar year since 2001’s total of 40,099.
“It is ironic that, at least in the short term, a law Congress hoped would reduce bankruptcies instead caused the largest upward spike in history,” said Samuel J. Gerdano, ABI Executive Director. “Bankruptcies have in fact fallen dramatically so far in 2006 under the new, more-restrictive law,” he added.
The record high of 667,431 bankruptcies recorded during the 4th calendar quarter of 2005 (October 1-December 31, 2005), is representative of the many debtors who rushed to file prior to the Oct. 17 implementation date of BAPCPA. October 2005 filings alone totaled 630,497, representing 95 percent of the filings for the three-month period and 30 percent of the 12-month period ending December 31, 2005. Nonbusiness filings in October 2005 reached 619,588, which represented 30 percent of the nonbusiness filings for the 12- month period ending December 31, 2005, and 95 percent of the 654,633 total nonbusiness filings for the 4th quarter of 2005. The 10,909 October business filings were representative of 28 percent of the 12-month period ending December 31, 2005 business filings and 85 percent of the 12,798 business filings for the 4th quarter 2005.
Largely as a result of the BAPCPA, dramatic decreases in filings were seen during the months of November and December 2005 as the combined filings of 36,934 for those two months represented just 1.78 percent of the total 12-month period ending December 31, and 6 percent for the 4th quarter 2005. November’s total filings dropped to 14,324, which represented less than one percent (0.69%) of the total for the 12-month period ending December 2005 and 2 percent of the 4th quarter total. The total of 13,643 nonbusiness filings in November was representative of less than one percent of the total nonconsumer filings (0.67%) for the 12-month period ending December 31, 2005 and just 2 percent of the 4th calendar quarter nonbusiness filings. Business filings experienced a similar decline as the 681 filings in November represented less than 2 percent (1.74%) for CY2005 and 5 percent of the 2005 4th quarter’s total of 12,798. By comparison, 2004 totals for the month of November were 122,796 total filings, 2,643 business filings and 120,153 nonbusiness filings, each representative of nearly 8 percent of the 12-month total for their respective categories.
Total filings increased in December 2005 to 22,610, which represented a 63 percent increase over November total filings, but just over 1 percent of the 12-month period ending December 31, 2005 total (1.09%) and just over 3 percent (3.39%).for the 4th quarter 2005. December nonbusiness filings reached 21,402, representing just over one percent (1.05%) of the total nonbusiness filings for the 12-month period ending December 31, 2005, and only 3 percent of the 4th quarter 2005 nonbusiness filings. December business filings increased as well to 1,208, but only comprised 3 percent of the total business filings for the 12-month period and represented just over 9 percent of the 4th quarter total business filings. By comparison, 2004 totals for the month of December were 118,193 total filings, 2,493 business filings and 115,700 nonbusiness filings. Each was representative of just over seven percent of the 12-month total for their respective categories.
However, the 667,431 filings in the 4th quarter of 2005 (October 1-December 31, 2005) represent an 80 percent increase in comparison to the 371,668 filings for the same quarter of 2004 (October 1-December 31, 2004) and a 23 percent increase from the previous record total 542,002 from the 3rd quarter of 2005 (July 1- September 30, 2005).
Of the total number of bankruptcy filings in the 12-month period ending December 31, 2005, there were 1,659,017 chapter 7 filings, a 46 percent increase over the 1,137,958 chapter 7 filings for the same period in 2004. Chapter 7 filings also increased 33 percent from the 2005 third quarter from 429,299 to 570,355 in the 2005 fourth quarter.
The next-largest group of filings in the 12-month period ending December 31, 2005, was chapter 13 at 412,130, a 9 percent decrease from the 449,129 filings in the 12-month period ending December 31, 2004. CY2005 chapter 12 filings totaled 380, a 252 percent increase from the 108 filings in the 12-month period ending December 31, 2004. Reflecting the strong economy and low interest rates, chapter 11 filings fell from 10,132 in CY2004 to 6,800 in the 12-month period ending December 31, 2005, a 33 percent decrease.
BUSINESS FILINGS for the 3-month period ending December 31, 2005, totaled 12,798, a 64.54 percent increase from the 7,778 bankruptcy business cases filed in the same period in 2004. NONBUSINESS FILINGS for the 3-month period ending September 30, 2005, totaled 654,633, an 80 percent increase from the 363,890 total in the same quarter in 2004.
The chapter* breakdown of BUSINESS filings for the 3-month period ending December 31, 2005, is: 9,701 chapter 7s, 1,692 chapter 11s, 87 chapter 12s and 1,308 chapter 13s.
The chapter breakdown of NONBUSINESS filings for the 3-month period ending December 31, 2005, is 560,654 chapter 7s, 263 chapter 11s and 93,714 chapter 13s.
Districts with the Highest Percentage INCREASE in Total Filings for the 12-month period ending December 31, 2005 (compared to the identical period in 2004):
- District of Virgin Islands: 68.42%
- Northern District of Ohio: 57.47%
- Southern District of West Virginia: 57.02%
- District of North Dakota: 54.68%
- District of Vermont: 54.42%
Districts with the Highest Percentage DECREASE in Total Filings for the 12-month period ending December 31, 2005 (compared to the identical period in 2004):
- Southern District of Georgia: 9.79%
- Middle District of
- District of Puerto Rico: 0.82%
- District of South Carolina: 0.47% (Increase)
- Middle District of
More information will be available at ABI’s Statistics Page,http://www.abiworld.org/statistics.
###
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 11,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
*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.
Contact: John Hartgen
703-894-5935
TOTAL BANKRUPTCY FILING GROWTH RATE SLOWS TO 8
PERCENT IN 2010, BUSINESS FILINGS FALL 7.5 PERCENT
February 15, 2011 Alexandria, Va. — Total
bankruptcy filings in the United States increased 8 percent in 2010 over
calendar year 2009, according to data released today from the
Administrative Office of the U.S. Courts (AOUSC). Bankruptcy filings
totaled 1,593,081 for the 12-month period ending Dec. 31, 2010, over the
previous year’s total of 1,473,675. Total filings have steadily
increased since the implementation of the Bankruptcy Abuse Prevention
and Consumer Protection Act of 2005 (BAPCPA). Total bankruptcies reached
2,078,415 in advance of the 2005 changes to the Bankruptcy Code.
“After three consecutive years of double-digit increases in
total filings, the slowing of the growth rate of bankruptcies reflects a
retrenchment in consumer spending associated with a down U.S.
economy,” said ABI Executive Director Samuel J.
Gerdano.
The 1,536,799 consumer filings during the 2010 calendar year
represented a 9 percent increase over the 1,412,838 filings recorded
during the same period in 2009. The consumer chapter 7 total of
1,100,116 filings during the 12-month period ending Dec. 31, 2010,
represented a 9 percent increase over the 1,008,870 consumer chapter 7
filings during all of 2009. The consumer chapter 7 filings comprised 72
percent of the total consumer filings for the 2010 calendar year, up
slightly from the previous year. The percentage of consumers filing
under chapter 7 has increased each year since BAPCPA was implemented at
the end of 2005.
The 434,739 consumers who filed for chapter 13 during the 12-month
period ending Dec. 31, 2010, comprised 28 percent of the overall
consumer filing total. The consumer chapter 13 total for 2010 represents
an 8 percent increase over the 402,462 consumer chapter 13 filings
during 2009.
While total and consumer bankruptcies continued to increase in 2010,
business filings decreased by 7.5 percent. Business bankruptcies
decreased to 56,282 filings during calendar year 2010 from the 60,837
filings made during the 12-month period ending Dec. 31, 2009. Chapter 11
business filings decreased the most in calendar year 2010, falling 14
percent to 11,774 from the 13,683 recorded in 2009.
The only business bankruptcy chapter to experience an increase in
2010 was chapter 12, which is designed to give special debt relief to
family farmers and fishermen. Chapter 12 business filings increased 33
percent to 723 bankruptcies during the 12-month period ending Dec. 31,
2010 from the 544 filings recorded in 2009. The 2010 chapter 12 business
bankruptcies represent the highest total since the 834 filings
registered during the 12-month period ending Dec. 31, 1999.
The 370,080 total bankruptcies recorded during the fourth calendar
quarter of 2010 (Oct.1-Dec. 31, 2010) represent a 1 percent decrease
from the 372,203 filings during the same period in 2009. The fourth
quarter 2010 filing total also represents a 10 percent decrease over the
third quarter (July 1 – Sept. 30, 2010) total of 412,380.
The 357,050 consumer filings in the fourth quarter of 2010 represent
a 0.4 percent decrease in comparison to the 357,183 consumer filings for
the same quarter of 2009. Mirroring the overall filing total, the
consumer filings in the fourth calendar quarter represented a 10 percent
decrease from the third quarter 2010 total of 398,423 consumer
filings.
Business filings, which totaled 13,030 for the fourth calendar
quarter of 2010, represented a 13 percent decrease from the 15,020 filed
in the same three-month period in 2009 (Oct. 1-Dec. 31). Business
filings in the fourth quarter of 2010 decreased 7 percent from the
13,957 business filings reported during the third quarter of 2010 (July
1- Sept. 30).
The chapter* breakdown of BUSINESS filings for the
3-month period ending Dec. 31, 2010, is 9,142 chapter 7s, 2,682 chapter
11s, 164 chapter 12s and 989 chapter 13s.
The chapter breakdown of NONBUSINESS filings for the
3-month period ending Dec. 31, 2010, is 248,526 chapter 7s, 466 chapter
11s and 108,057 chapter 13s.
Districts with the HIGHEST PERCENTAGE INCREASE in Total
Filings for the 12-month period ending Dec. 31, 2010 (compared to the
identical period in 2009):
1. Southern District of Florida: 36.2%
2. Central District of California: 31.4%
3. District of Hawaii: 27.4%
4. District of Utah: 24.6%
5. District of Arizona: 23.7%
Districts with the HIGHEST PERCENTAGE DECREASE in Total
Filings for the 12-month period ending Dec. 31, 2010 (compared to the
identical period in 2009):
1. District of the Guam: -21.7%
2. District of the Virgin Islands: -17.2%
3. Eastern District of Tennessee: -10.5%
4. Northern District of West Virginia:
-10.3%
5. Western District of New York: -9.9%
More information will be available at ABI’s Statistics Page,
href='http://www.abiworld.org/statistics'>http://www.abiworld.org/statistics.
###
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
nearly 13,000 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
href='http://www.abiworld.org/'>www.abiworld.org. For additional
conference information, visit
href='http://www.abiworld.org/conferences.html'>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.
Contact: John Hartgen
703-739-0800
BANKRUPTCY
FILINGS INCREASE 66 PERCENT OVER FIRST QUARTER 2006
June 27, 2007,
w:st='on'>Alexandria
w:st='on'>Va.
w:st='on'>U.S.
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
w:st='on'>ABI
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
color='black'>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):
- District of the
w:st='on'>Northern Mariana Islands
- Western District of
w:st='on'>
33.93%
- Southern District of Georgia:
35.65%
- Northern District of Georgia:
38.28%
- Middle District of
w:st='on'>
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):
- Eastern District of Louisiana:
78.87%
size='3'> - Eastern District of Oklahoma:
77.90%
- Southern District of West
Virginia: 77.24%
- Western District of
w:st='on'>
77.18%
- District of Arizona:
75.24%
###
size='3'>ABI
nonpartisan organization dedicated to research and education on matters
related to insolvency.
was founded in 1982 to provide Congress and the public with unbiased
analysis of bankruptcy issues. The
w:st='on'>ABI
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
For additional conference information, visit
title='http://www.abiworld.org/conferences.html'
href='http://www.abiworld.org/conferences.html'>
color='#0000ff'>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.
Contact:
Hartgen
(703) 739-0800
color='#0000ff'>jhartgen@abiworld.org
SEPTEMBER
CONSUMER BANKRUPTCY FILINGS INCREASE 23 PERCENT OVER PREVIOUS
YEAR
October 2, 2007,
Alexandria,
size='3'>.
size='3'>consumer bankruptcy filings increased nearly 23 percent
nationwide in September from the previous year, according to the
American Bankruptcy Institute (
face='Times New Roman' size='3'>ABI
size='3'>). Yet according to data from the National Bankruptcy Research
Center (NBKRC), the overall September consumer filing total of 68,926
represented a 7.6 percent decrease from the 74,607 filings in August.
Chapter 13 filings constituted 40 percent of all consumer cases in
September, a slight increase over the previous six months.
size='3'>
“Bankruptcy filings
are elevated from a year ago and likely to uptick further through the
end of the year,” said
face='Times New Roman' size='3'>ABI
size='3'>Executive Director Samuel J. Gerdano. “Continued
pressure on housing markets, combined with high consumer debt burdens,
will lead more households to consider bankruptcy as an option to their
financial problems.”
###
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
face='Times New Roman' color='#0000ff'
size='3'>http://www.abiworld.org/conferences.html
face='Times New Roman' size='3'>.
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
face='Times New Roman' size='3'>.
*Definitions from
Bankruptcy Overview: Issues, Law
and Policy, by the
American Bankruptcy Institute.
size='3'>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.
size='3'>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.
size='3'>Chapter 12 of the Bankruptcy
Code is designed to give special debt relief to a family farmer with
regular income from farming.
size='3'>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.