Contact: John Hartgen
703-894-5935
NOVEMBER CONSUMER BANKRUPTCY FILINGS DROP 13
PERCENT FROM OCTOBER
December 1, 2010,
class='Apple-converted-space'> Alexandria, Va. -
U.S. consumer bankruptcy filings
class='Apple-converted-space'> totaled
class='Apple-converted-space'> 114,587 nationwide during
November, a 13.3 percent drop from
class='Apple-converted-space'> the
class='Apple-converted-space'> 132,173
class='Apple-converted-space'> total consumer filings
class='Apple-converted-space'> 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
class='Apple-converted-space'> 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
class='Apple-converted-space'>
href='http://www.abiworld.org/' target='_blank'>www.abiworld.org.
For additional conference information, visit
title='blocked::http://www.abiworld.org/conferences.html'
href='http://www.abiworld.org/conferences.html'
target='_blank'>http://www.abiworld.org/
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
target='_blank'>http://www.nbkrc.com.
*Definitions from
class='Apple-converted-space'> 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 TOP 125,000 IN APRIL
size='3'>May 4, 2009, Alexandria, Va.—
U.S. consumer bankruptcy filings increased 36 percent nationwide in
April from the same period a year ago, according to the American
Bankruptcy Institute (ABI), relying on data from the National Bankruptcy
Research Center (NBKRC).
size='3'>The overall April consumer filing total of 125,618 represented
a 3.5 percent increase from the March total of 121,413. Chapter 13
filings constituted 26 percent of all consumer cases in April, slightly
above the March rate.
“The filings reveal that American families are continuing to seek
relief from the financial pressures of today’s economy,”
said ABI Executive Director
size='3'>Samuel J. Gerdano. “The April
total is in line with our estimate of more than 1.4 million consumer
cases to be 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 12,000 attorneys,
accountants, bankers, judges, professors, lenders, turnaround
specialists and other bankruptcy professionals, providing a forum for
the exchange of ideas and information. For additional information on
ABI, visit www.abiworld.org. For additional conference information,
visit
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
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.
Contact: John Hartgen
703-739-0800
OCTOBER CONSUMER BANKRUPTCY FILINGS TOP 100,000 FOR
FIRST TIME SINCE LAW CHANGE IN 2005
November 4, 2008, Alexandria, Va.- U.S. consumer bankruptcy
filings increased 40 percent nationwide in October 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 October consumer filing total of 106,266 also represented a
20 percent increase from September. Chapter 13 filings constituted 32.6
percent of all consumer cases in October, a slight decrease from
September.
The October consumer filing total also represents the first time that
bankruptcies have topped 100,000 since the Bankruptcy Abuse Prevention
and Consumer Protection Act went into effect in October 2005. The
880,076 consumer filings through the first 10 months of 2008 (Jan. 1 -
Oct. 31) have already eclipsed the filing total of 822,590 for all of
last year.
“October's sharp spike in new consumer bankruptcies confirms
the severe financial stress on household budgets caused by high debts,
flat incomes, and declining home values,” said ABI Executive
Director Samuel
J. Gerdano. “We expect the 2008 numbers to be the
highest since the new bankruptcy law went into effect in
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
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' color='#0000ff'>www.abiworld.org. For
additional conference information, visit
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
color='#0000ff'>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, November 4, 2008 http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_bills&docid=f%3Ah873ih.txt.pdf http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_bills&docid=…
Contact: John Hartgen
703-739-0800
CONSUMER BANKRUPTCY FILINGS IN FIRST HALF OF
2008 UP 30 PERCENT FROM A YEAR AGO
July 2, 2008, Alexandria, Va.— U.S. consumer
bankruptcy filings increased 30 percent nationwide during the first six
months of 2008 (Jan. 1-June 30) 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 June
consumer filing total of 82,770 was 20.7 percent more than the 68,559
consumer filings recorded in June 2007. While the June total represented
an increase over the previous year, it was a 9.3 percent decrease from
the May 2008 total of 91,214 consumer filings. Chapter 13 filings
constituted 32.6 percent of all consumer cases in June, a slight
increase from May.
“The overall trend of rising bankruptcies reflects the growing
financial strain of felt by U.S. households, burdened by high debt,
rising mortgage costs and falling home values,” said ABI Executive
Director Samuel J. Gerdano.
###
ABI is the largest multi-disciplinary, nonpartisan organization
dedicated to research and education on matters related to insolvency.
ABI was founded in 1982 to provide Congress and the public with unbiased
analysis of bankruptcy issues. The ABI membership includes more than
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
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 <
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
CONSUMER
BANKRUPTCY FILINGS FALL 15 PERCENT IN APRIL
May 14, 2007,
w:st='on'>Va.
w:st='on'>
w:st='on'>U.S.
filings fell 15 percent nationwide in April from the previous month,
said the American Bankruptcy Institute (ABI). Relying on data from the
National Bankruptcy Research Center (NBKRC), overall consumer filings
totaled 62,489 in April, a figure that was up 33.6 percent from April
2006. Chapter 13 filings constituted 37 percent of all consumer cases in
April, down slightly from earlier this year.
“Though bankruptcy
filings are elevated from a year ago, overall levels are still at about
one-third the rate experienced before Congress changed the laws,”
said Samuel J. Gerdano, ABI Executive Director.
###
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
href='http://www.abiworld.org/conferences.html'>
size='3'>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
703-894-5935
AUGUST
CONSUMER BANKRUPTCY FILINGS FALL 8 PERCENT THIS MONTH
September 1, 2010,
Alexandria, Va.— The 127,028 consumer bankruptcies
filed in August represented a 8 percent decrease nationwide over the
137,698 filings recorded in July 2010, according to the American
Bankruptcy Institute (ABI), relying on data from the National Bankruptcy
Research Center (NBKRC). Though a decrease from the previous month,
NBKRC’s data also showed that the August 2010 consumer filings
represented a 6 percent increase from the 119,874 consumer filings
recorded in August 2009. Chapter 13 filings constituted 29 percent of
all consumer cases in August, a slight increase from July.
“While monthly filings
are volatile, consumer bankruptcies are still the highest they have been
since Congress overhauled the bankruptcy law in 2005,” said ABI
Executive Director Samuel J. Gerdano. “Consumer filings
remain on track to top 1.6 million filings in 2010.”
###
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
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
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.
Wednesday, September 1, 2010
Contact: John Hartgen
703-894-5935
ABI’S NEW INTERACTIVE STATISTICS PAGE
PROVIDES BETTER TOOLS FOR EXAMINING BANKRUPTCY STATISTICS
May 6, 2010, Alexandria, Va.
face='Times New Roman'>— The American Bankruptcy
Institute (ABI) has created new online interactive charts, graphs and
other easy-to-use tools to allow members of the public to gather
statistical information on bankruptcy filings dating back to 1980. The
new interactive charts improve upon the information currently on
ABI’s “Bankruptcy Statistics” page by providing the
user the ability to easily select and search bankruptcy statistical
information provided by the Administrative Office of the U.S. Courts.
Users may research filings by chapter of the Bankruptcy Code (7, 11, 12
or 13), type (consumer or business), state, circuit, year or some
combination of these search categories.
Please click the following link to view ABI’s new interactive
statistics page:
href='http://www.abiworld.org/bkstats/index.html'>http://www.abiworld.org/bkstats/index.html
The interactive website provides instructions on the home page and
individual instructions for the four different sections. The easy-to-use
interactive features also allow you to generate data from the graphs,
convert information to a PDF document or Excel chart, or to create an
image. If you need any assistance using this webpage or would like to
reproduce this information in electronic or written format, please
contact John Hartgen at 703-894-5935 or
href='mailto:jhartgen@abiworld.org'>jhartgen@abiworld.org.
###
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
face='Times New Roman'>www.abiworld.org. For additional
conference information, visit
href='http://www.abiworld.org/conferences.html'>
face='Times New
Roman'>http://www.abiworld.org/conferences.html.
Thursday, May 6, 2010
Contact: John Hartgen
703-739-0800
CONSUMER
BANKRUPTCY FILINGS INCREASE NEARLY 12 PERCENT IN MAY
June 6, 2007,
w:st='on'>Va.
w:st='on'>
w:st='on'>U.S.
filings increased 11.5 percent nationwide in May from the previous
month, said the American Bankruptcy Institute (
w:st='on'>ABI
Bankruptcy Research Center (NBKRC), overall consumer filings totaled
69,684 in May, up from 62,489 filings in April. The figure was also up
51.3 percent from May 2006. Chapter 13 filings constituted 36.5 percent
of all consumer cases in May, down slightly from earlier this
year.
“Personal bankruptcies
continue to be more volatile this year than in 2006,” said Samuel
J. Gerdano,
Director. “Overall, consumer bankruptcies are higher than last
year, but still well below the levels of 2004-05.”
###
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.
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.
*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 U.S. BANKRUPTCIES IN FIRST HALF OF 2009 UP 36
PERCENT OVER FIRST HALF OF 2008; CHAPTER 11 BUSINESS FILINGS INCREASE
113 PERCENT
August 13, 2009, Alexandria, Va.— The total number of
U.S. bankruptcies filed during the first six months of 2009 increased 36
percent over the same six month period in 2008, according to data
released today by the Administrative Office of the U.S. Courts. Total
filings reached 711,550 during the first half of the calendar year of
2009 (January 1-June 30), compared to 522,205 cases filed over the same
period in 2008.
“The increase in filings through the first half of this year is
a product of continued financial stresses weighing on both consumers and
businesses,” said ABI Executive Director
face='Times New Roman' size='3'>Samuel J. Gerdano. “In
this challenging economic environment, we expect bankruptcies to surge
past 1.4 million by year end.”
Business filings for the six-month period ending June 30, 2009,
totaled 30,333, representing a 64 percent increase over the first-half
2008 total of 18,456. Chapter 11 business reorganizations increased 113
percent to 7,396 during the first half of 2009 from 3,470 in the same
period of 2008. Chapter 7 business liquidations increased to 20,375 in
the first half of 2009, a 57 percent increase over the 13,002 business
chapter 7 filings during the same period in 2008.
Filings by individuals or households with consumer debt increased 35
percent to 681,217 for the six-month period ending June 30, 2009, from
the 2008 first-half total of 503,749. The overall percentage of
consumers filing for chapter 13 protection fell slightly from 34 percent
during the first half of 2008 (January 1-June 30) to 28 percent over the
same period in 2009. Conversely, the first-half 2009 percentage of
chapter 7 consumer filers increased to 72 percent from the 66 percent
recorded in the first half of 2008.
The 381,073 total filings for the second calendar quarter 2009 (April
1-June 30) represented a 38 percent increase from the second quarter
2008 filing total of 276,510. Business filings in the second quarter of
2009 increased 64 percent to 16,014 over the 9,743 business filings in
the second quarter 2008. The second quarter 2009 business filings were
the highest total since the second quarter of 1993 when business filings
reached 16,424. Consumer filings increased 37 percent from 266,767
recorded in the second quarter of 2008 to 365,059 filings in the second
quarter 2009.
The 1,306,315 total filings for the 12-month period ending June 30,
2009, represented a 35 percent increase from the same period in 2008,
which totaled 967,831. The bankruptcy filing rate per thousand U.S.
residents totaled 4.22 for all chapters during the 12-month period
ending June 30, 2009, as 2.93 Americans per thousand filed for chapter 7
while 1.24 per thousand filed for chapter 13 bankruptcy.
Nevada was the state with the highest per capita filing rate in the
country with 9.33 residents per thousand filing in all chapters, and
also had the highest per capita filing rate for chapter 7 filings at
6.67. The state with the highest per capita filing rate for chapter 13
bankruptcy was Tennessee at 4.35 per thousand for the 12-month period
ended June 30, 2009.
Nonbusiness filings for the 12-month period ending June 30, 2009,
were up to 1,251,294, a 34 percent increase from the 934,009 total
nonbusiness filings over the same period in 2008. Business filings for
the 12-month period ending June 30, 2009, totaled 55,021, up 63 percent
from the 33,822 bankruptcy petitions filed in the 12-month period ending
June 30, 2008.
The 907,603 total chapter 7
filings for the 12-month period ending June 30, 2009, represent a 47
percent increase from the 615,748 filings from the same period in 2008.
Total chapter 11 filings increased 91 percent to 13,951 in the 12-month
period ending June 30, 2009 from 7,293 during the same period in 2008.
Total chapter 13 filings also increased 12 percent to 384,187 in the
12-month period ending June 30, 2009, from 344,421 during the same
period last year. Chapter 12 filings increased 34 percent from 314 in
the 12-month period ending June 30, 2008 to 422 in 2009.
Chapter breakdowns of
size='3'>BUSINESS filings for the 3-month period ending June
30, 2009: 10,675 chapter 7s; 3,965 chapter 11s; 139 chapter 12s;
and 1,175 chapter 13s.
Chapter breakdown of
size='3'>NON-BUSINESS filings for the 3-month period ending
June 30, 2009: 265,368 chapter 7s; 383 chapter 11s; and 99,308
chapter 13s.
###
ABI is the largest multi-disciplinary, nonpartisan organization
dedicated to research and education on matters related to insolvency.
ABI was founded in 1982 to provide Congress and the public with unbiased
analysis of bankruptcy issues. The ABI membership includes more than
12,000 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
face='Times New Roman'>www.abiworld.org. For additional
conference information, visit
href='http://www.abiworld.org/conferences.html'>
color='#0000ff'>http://www.abiworld.org/conferences.html.
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.
Thursday, August 13, 2009 /sites/default/files/collier/2010/March/marweek4.pdf /sites/default/files/collier/2010/March/marweek4.pdf
Contact: John Hartgen
703-894-5935
href='mailto:jhartgen@abiworld.org'>jhartgen@abiworld.org
MAY CONSUMER BANKRUPTCY FILINGS FALL 16
PERCENT FROM LAST YEAR
June 2, 2011, Alexandria, Va. — May consumer
bankruptcies decreased 16 percent nationwide from May 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 May reached 114,803, down from the
136,142 consumer filings recorded in May 2010.
“The continued drop in bankruptcies during 2011 reflects the pull
back in consumer credit over the past year, and a reduction in household
debt,” said ABI Executive Director Samuel J.
Gerdano.
The May 2011 filings also represented a 15 percent decrease from the
April 2011 consumer bankruptcy total of 134,720 filings. The percentage
of chapter 13 filings for May was 27 percent, a one percent increase
from April.
###
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.