Monday, June 8, 2009

Bankruptcy Filings Up

Bankruptcy filings for the 12-month period ending March 31, 2009, were up 33.3 percent over the same period last year according to statistics released today by the administrative office of the U.S. Courts.

March 2009 bankruptcy filings totaled 1,202,503, compared to the total 901,927 bankruptcy cases filed in the 12-month period ending March 31, 2008. The largest percentage increase occurred in Chapter 11 filings, a 69.1 percent increase over March 2008 Chapter 11 filings.

A significant decline in bankruptcy filings occurred in October 2006 when many of the provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act took effect. Bankruptcy filings have risen steadily since then and the March 2009 total filings are the highest since BAPCA was implemented.

The majority of bankruptcy filings are filings involving predominantly non-business , also known as personal or consumer filings. But filings involving business debts also rose. Filings rose for all bankruptcy chapters.


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