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: John Hartgen
703-442-0133
NOVEMBER CONSUMER BANKRUPTCY FILINGS INCREASE 39
PERCENT OVER LAST YEAR
December 3, 2008, Alexandria, Va.
face='Times New Roman' size='3'>— 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
size='3'>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
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.
Wednesday, December 3, 2008
src='/AM/graphics/home_template/images/spacer.gif' alt='' height='10' width='1'> |
|
|
Contact: Carolyn Kanon 703-739-0800 CONSUMER BANKRUPTCY FILINGS UP 14 PERCENT THROUGH FIRST HALF OF 2010
July 2, 2010 Alexandria, Va. — U.S. consumer bankruptcy filings totaled 770,117 nationwide during the first six months of 2010 (Jan. 1-June 30), a 14 percent increase over the 675,351 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 first half of 2010 represent the highest total since 2005, when Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act to try and stem the tide of filings, although the number of monthly consumer filings has been steadily decreasing since March. 'Years of rising consumer debt and low savings rates, combined with the housing and unemployment crises, are causing bankruptcy levels not seen since the 2005 amendments to the Bankruptcy Code,' said ABI Executive Director Samuel J. Gerdano. 'We expect that there will be more than 1.6 million new bankruptcy filings by year end.' The overall June consumer filing total of 126,270 was 8.5 percent more than the 116,365 consumer filings recorded in June 2009. While the June total represented an increase over the previous year, it was a 7.8 percent decrease from the May 2010 total of 136,142 consumer filings. Chapter 13 filings constituted 27 percent of all consumer cases in June, a slight increase from May. 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 http://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.
|
|
Contact: John Hartgen
703-894-5935
CONSUMER
BANKRUPTCY FILINGS DOWN 8 PERCENT THROUGH THE FIRST HALF OF
2011
July 5, 2011, Alexandria,
Va. - U.S. consumer bankruptcy filings totaled 709,303
nationwide during the first six months of 2011 (Jan. 1-June 30), an 8
percent decrease from the 770,117 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 overall June consumer filing total of 119,768 represented a 5
percent decrease from the 126,270 filings recorded in June
2010.
'The drop in bankruptcies for
the first half of the year shows the continued efforts of consumers to
reduce their household debt, and the overall pull back in consumer
credit,' said ABI Executive Director Samuel J.
Gerdano.
The June 2011 filings did
represent a 4 percent increase from the May 2011 consumer bankruptcy
total of 114,803 filings. The percentage of chapter 13 filings for June
was 28 percent, a one percent increase from May.
###
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 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 www.abiworld.org. For additional conference information,
visit
color='#0000ff' size='3' face='Times New


Roman'>http://www.abiworld.org/conferences.html
size='3' 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 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
Tuesday, July 5, 2011 https://beta.congress.gov/113/bills/hr4917/BILLS-113hr4917ih.pdf https://beta.congress.gov/113/bills/hr4917/BILLS-113hr4917ih.pdf
Contact: John Hartgen
703-894-5935
href='mailto:jhartgen@abiworld.org'>jhartgen@abiworld.org
FEBRUARY CONSUMER BANKRUPTCY FILINGS INCREASE
11 PERCENT FROM PREVIOUS MONTH
March 1, 2011, Alexandria, Va.— February consumer
bankruptcies increased 11 percent nationwide from January 2011,
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 February reached 102,686, up
from the 92,669 consumer filings recorded in January 2011.
“Though consumers are striving to reduce their debt burden, high
unemployment and a still-poor housing sector continue to fuel new
bankruptcies,” said ABI Executive Director Samuel J.
Gerdano. “We expect these factors to lead to over 1.5
million consumer filings this year.'
Though an increase from the January 2011 filings, the February 2011
consumer bankruptcy total represents an 8 percent decrease from the
111,693 filings recorded in February 2010. Chapter 13 filings
constituted 30 percent of all consumer cases in February, a slight
decrease from January.
###
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.
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/'>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
Contact: John Hartgen
(703) 739-0800
color='#0000ff'>jhartgen@abiworld.org
CONSUMER
BANKRUPTCY FILINGS UP NEARLY 33 PERCENT IN 2008
size='3'>January 5, 2009, Alexandria, Va
size='3'>.
size='3'>— 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
size='3'>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
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.
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
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.
###
face='Times New Roman' size='3'>ABI
size='3'>is the largest multi-disciplinary, nonpartisan organization
dedicated to research and education on matters related to
insolvency.
in 1982 to provide Congress and the public with unbiased analysis of
bankruptcy issues. The
face='Times New Roman' size='3'>ABI
size='3'>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
w:st='on'>
size='3'>ABI
www.abiworld.org. For additional conference information,
visit
href='http://www.abiworld.org/conferences.html'>
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.
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 THROUGH FIRST THREE QUARTERS OF 2007 ECLIPSE LAST YEAR’S
TOTALS
November 19, 2007,
w:st='on'>Alexandria,
w:st='on'>Va.
bankruptcies filed during the first three quarters of 2007 (Jan. 1
– Sept. 30) represented a 40.16 percent increase over the 444,789
cases filed over the same period in 2006, according to data released
today by the Administrative Office of the U.S. Courts. The totals for
both consumer and business filings during the first three quarters of
2007 also eclipsed those reached for the full calendar year of 2006.
“Bankruptcies are up
sharply from a year ago this period, reflecting a growing vulnerability
in household economics,” said
w:st='on'>ABI
Gerdano. “The continued stress on the housing market will
likely fuel a continuation of this trend into 2008.”
Filings by individuals or
households with consumer debt increased 40.15 percent to
color='black'>603,139 for the nine-month period ending Sept. 30,
2007, from 430,364 filings during the same period in 2006. The overall
percentage of consumers filing for chapter 13 protection fell slightly
from 41.41 percent during the first three quarters of 2006 (Jan. 1-Sept.
30) to 38.87 percent over the same period in 2007. Conversely, the
percentage of chapter 7 consumer filers increased to 61.06 percent
during the first nine months of 2007 from the 58.50 percent recorded
during the same period of 2006.
Business filings for the
nine-month period ending Sept. 30, 2007, totaled 20,260, representing a
40.45 percent increase over the similar nine-month 2006 total of 14,425.
Chapter 7 business liquidations totaled 13,290 in the first three
quarters of 2007, a 57.60 percent increase over the 8,433 business
chapter 7 filings during the same period in 2006. Chapter 11 business
reorganizations also rose from 3,644 in the first three quarters of 2006
to 4,130 in the same period of 2007, a 13.34 percent
increase.
The 801,269 total filings for
the 12-month period ending Sept. 30 were down 28 percent from the same
period in 2006, which totaled 1,112,542 filings, a figure that includes
a surge in cases filed before the implementation date of a major change
in the law in 2005. The bankruptcy filing rate per thousand
w:st='on'>
w:st='on'>U.S.
for all chapters during the 12-month period ending Sept. 30, 2007, as
1.58 Americans per thousand filed for chapter 7 while 1.02 per thousand
filed for chapter 13 bankruptcy.
w:st='on'>Tennessee
highest per capita filing rate in the country, with 6.19 residents per
thousand filing in all chapters, and also had the highest per capita
filing rate for chapter 13 filings at 3.86. The state with the highest
per capita filing rate for chapter 7 bankruptcy was
w:st='on'>
per thousand for the 12-month period ended Sept. 30, 2007.
Nonbusiness filings for the
12-month period ending Sept. 30, 2007, totaled 775,344, down 28.55
percent from the 1,085,209 total nonbusiness filings experienced over
the same period in 2006. Business filings for the 12-month period ending
Sept. 30, 2007, totaled 25,925, down 5.15 percent from the 27,333
bankruptcy petitions filed in the 12-month period ending Sept. 30,
2006.
The 484,162 total chapter 7
filings for the 12-month period ending Sept. 30, 2007, represent a 41.89
percent decrease from the 833,147 filings from the same period in 2006.
Chapter 11 filings also declined, falling 1.92 percent to 5,888 in 2007
from 6,003 in 2006. Chapter 12 filings decreased as well, falling 4
percent from 376 in 2006 to 361 in 2007. However, total chapter 13
filings increased 13.87 percent to 310,802 in the 12-month period ending
Sept. 30, 2007, from 272,937 in the same period last year.
BUSINESS FILINGS
for the 3-month period ending Sept. 30, 2007, totaled 7,167, up 35.64
percent from the 5,284 bankruptcy business cases filed in the same
period in 2006. NON-BUSINESS FILINGS for the 3-month period
ending Sept. 30, 2007, increased 27.66 percent from 165,862 in 2006 to
211,742 in 2007.
The chapter* breakdown of
BUSINESS filings for the 3-month period ending Sept. 30, 2007,
is: 4,816 chapter 7s, 1,410 chapter 11s, 71 chapter 12s and 844 chapter
13s.
The chapter breakdown of
NON-BUSINESS filings for the 3-month period ending Sept. 30,
2007, is: 127,192 chapter 7s, 173 chapter 11s and 84,376 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
title='blocked::http://www.abiworld.org/conferences.html'
href='http://www.abiworld.org/conferences.html'>
size='3'>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
CONSUMER BANKRUPTCY FILINGS DOWN 10 PERCENT
THROUGH NINE MONTHS OF 2011
October 4, 2011, Alexandria, Va. — U.S.
consumer bankruptcy filings totaled 1,044,722 nationwide during the
first nine months of 2011 (Jan. 1-Sept. 30), a 10 percent decrease from
the 1,165,172 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). September consumer
bankruptcies decreased 17 percent nationwide from September 2010 as the
data showed that the overall consumer filing total for September reached
108,517 down from the 130,329 consumer filings recorded in September
2010.
“The trend of declining filings has been consistent with consumers
continuing to reign in their spending, household debt, and an overall
pull back in consumer credit,” said ABI Executive Director
Samuel J. Gerdano. “Total consumer filings for
2011 will be less than 2010.”
The September 2011 filings also represented a 4 percent decrease from
the August 2011 consumer bankruptcy total of 113,432 filings, a slight
change that could be the result of one less day in the month. The
percentage of chapter 13 filings for September was 30 percent, a one
percent 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
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.
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/'>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.
Contact:
Hartgen
(703) 739-0800
color='#0000ff'>jhartgen@abiworld.org
TOTAL
BANKRUPTCY FILINGS INCREASE 31 PERCENT, BUSINESS FILINGS SURGE 54
PERCENT IN 2008
size='3'>March 5, 2009 Alexandria,
Va.
size='3'>— Total bankruptcy filings in the United States increased
31 percent in 2008 over calendar year 2007, according to data
released today from the Administrative Office of the U.S. Courts
(AOUSC). Bankruptcy filings totaled 1,117,771 for the 12-month period
ending Dec. 31, 2008, a significant increase over the previous
year’s total of 850,912. The 2008 filing total marks the first
year since the implementation of the Bankruptcy Abuse Prevention and
Consumer Protection Act of 2005 (BAPCPA) that bankruptcies have
surpassed 1 million.
'Today's numbers confirm what we have reported previously, that
bankruptcies are on the rise, and will continue to spike upward in
2009,' said
Director Samuel
J. Gerdano. 'We expect filings to reach 1.4 million or even
more this year, especially if Congress changes the law to permit
homeowners to modify home mortgages via chapter 13.'
Business bankruptcies recorded
the sharpest percentage increase as the 43,546 business filings during
calendar year 2008 represented a 54 percent increase in filings from the
28,322 filings made during the 12-month period ending Dec. 31, 2007. The
12-month business filing total for 2008 was the highest since the
44,367 filings recorded for the 1998 calendar year.
size='3'>
The 1,074,225 consumer
filings during the 2008 calendar year represented a 31 percent increase
over the 822,590 recorded during the same period in 2007.
size='3'>The 714,389 consumer chapter 7 filings during the 12-month
period ending Dec. 31, 2008, comprised 67 percent of the total consumer
filings for the 2008 calendar year, up from 61 percent the previous
year. The consumer chapter 7 total for 2008 represented a 43 percent
increase over the 500,613 consumer chapter 7 filings during
2007.
The 358,947 consumers who filed
for chapter 13 during the 12-month period ending Dec. 31, 2008,
comprised 33 percent of the overall consumer filing total. The consumer
chapter 13 total for 2008 represents a 12 percent increase over the
321,359 consumer chapter 13 filings during 2007.
The 301,317 total bankruptcies
recorded during the fourth calendar quarter of 2008 (Oct.1-Dec. 31,
2008) represent a 31 percent increase from the 226,413 filings during
the same period in 2007. The 2008 fourth calendar quarter filing total
was the first time since the implementation of BAPCPA that quarterly
filings have eclipsed 300,000. The fourth quarter 2008 filing total also
represented a 3 percent increase over the third quarter (July 1 –
Sept. 30, 2008) total of 292,291.
The 288,416 consumer filings in
the fourth quarter of 2008 represent a 32 percent increase in comparison
to the 218,428 consumer filings for the same quarter of 2007. The
consumer filing total for the fourth calendar quarter also represented a
nearly 3 percent increase from the third quarter 2008 total of 280,787
consumer filings.
Business filings, which totaled
12,901 for the fourth calendar quarter of 2008, represented a 62 percent
increase from the 7,985 filed in the same 3-month period in 2007 (Oct.
1-Dec. 31). Business filings also rose over the previous quarter as the
fourth calendar quarter represented a 12 percent increase over the
11,504 business filings reported during the third quarter of 2008 (July
1- Sept. 30).
The chapter* breakdown
of BUSINESS
filings for the 3-month period ending Dec. 31, 2008, is
8,872 chapter 7s, 2,941 chapter 11s, 90 chapter 12s and 970 chapter
13s.
The chapter breakdown
of
size='3'>NONBUSINESS filings for the 3-month
period ending Dec. 31, 2008, is 193,246 chapter 7s, 234 chapter 11s and
94,935 chapter 13s.
States with the HIGHEST PER CAPITA
FILING RATE (Total Filings) for the 12-month period ending Dec. 31,
2008:
size='3'>Tennessee- Nevada
- Georgia
size='3'>Alabama- Indiana
- Michigan
- Ohio
- Kentucky
size='3'>Arkansas- 10. Illinois
Districts with the HIGHEST PERCENTAGE
INCREASE in Total Filings for the 12-month period ending Dec. 31, 2008
(compared to the identical period in 2007):
- Central District
of California: 93.5% - District of Arizona:
78.9% - Eastern District
of California: 78.1% - Southern District
of California: 76.6% - District of Delaware:
73.9%
Districts with the HIGHEST PERCENTAGE
DECREASEin Total Filings for the 12-month period ending Dec. 31, 2008
(compared to the identical period in 2007):
- District of the Northern
Mariana Islands: -29.4% - District of the Virgin
Islands: -21.7% - Southern District of the
Texas: -6.1% - Middle District of Louisiana:
-3.1% - Northern District of New York:
-2.2%
More information will be
available at
href='http://www.abiworld.org/Content/NavigationMenu/Online_Resources/Bankruptcy_Statistics/ABI_-_Bankruptcy_Statistics.htm'>
face='Times New Roman' color='#0000ff' size='3'>ABI’s Statistics
Page,
href='http://www.abiworld.org/statistics'>
color='#0000ff'
size='3'>http://www.abiworld.org/statistics
face='Times New Roman' size='3'>.
###
face='Times New Roman' size='3'>ABI
size='3'>is the largest multi-disciplinary, 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'>
size='3'>ABI
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
face='Times New Roman' size='3'>ABI
size='3'>, visit www.abiworld.org. For additional conference
information, visit
href='http://www.abiworld.org/conferences.html'>
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.
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.