Bankruptcy Filings Up 30 Percent From Previous Year

Bankruptcy Filings Up 30 Percent From Previous Year

Today, the Administrative Office of U.S. Courts released statistics for bankruptcy filings in the federal courts for the 12-month period ending March 31, 2008.  The news release containing the statistics is here: http://www.uscourts.gov/Press_Releases/2008/BankruptcyFilingsMar2008.cfm

So what new nuggets of info can be gleaned? It is no surprise that bankruptcies are up given the current state of the economy. According to the Administrative Office, there were 901,927 bankruptcy cases filed in the 12-month period ending March 31, 2008 compared to 695,575 filings for the same period ending March 31, 2007, representing a 30 percent increase. The 245,695 cases filed in the first quarter of 2008 is the highest quarterly total since 2005 when BAPCPA was enacted.

 Some highlights from the report:

  •  Majority of filings are consumer filings (predominantly non-business debts) up 29 percent from previous 12-month reporting period ending March 31, 2007 (prior year reporting period).  
  • Chapter 7 filings are up 36 percent compared to the prior year reporting period.  
  • Chapter 13 filings are up 21 percent compared to the prior year reporting period. 
  • Chapter 11 filings are up 34 percent compared to the prior year reporting period.
  • Chapter 12 filings are actually down 8 percent compared to the prior year reporting period (Hopefully, some good news for the family farmers & fishermen out there).

 

 

The Lexis.com bankruptcy area of law page includes links to historical bankruptcy statistical information.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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