No Surprise, Bankruptcy Filings Up!
According to the US Bankruptcy court the filings for Bankruptcy are up compared to last year. Not a surprise with the declining economy. The one surprise in the report is that the rise came mostly from chapter 11 filings, with a 69 percent jump in chapter 11. Followed by a 33 percent jump in chapter 7 filings.
Following is a copy of the press release sent out from the US Bankruptcy Court:
June 08, 2009 — Bankruptcy filings for the 12-month period ending March 31, 2009, were up 33.3 percent over bankruptcy filings for the 12-month period ending March 31, 2008, 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.
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A significant decline in bankruptcy filings occurred in October 2006, when many of the provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) took effect. Bankruptcy filings have risen steadily since then and the March 2009 total filings are the highest since BAPCA was implemented.
Business and Non-business Filings
The majority of bankruptcy filings are filings involving predominantly non-business debts. Non-business filings (also called personal or consumer filings) for the 12-month period ending March 31, 2009, totaled 1,153,412, up 32.4 percent from the 871,186 bankruptcies filed in the 12-month period ending March 31, 2008.
Filings involving predominantly business debts also rose. They totaled 49,091, up 59.7 percent from the 30,741 business bankruptcies filed in the 12-month period ending March 31, 2008.
Filings by Chapter
For the 12-month period ending March 31, 2009, filings rose for all bankruptcy chapters.
- Chapter 7 filings rose 46.3 percent to 819,362, compared to the 560,015 Chapter 7 filings in the 12-month period ending March 31, 2008.
- Chapter 13 filings rose 10.9 percent to 370,875, from the 334,551 bankruptcies filed in the 12-month period ending March 31, 2008.
- Chapter 11 filings rose 69.1 percent, to 11,785, compared to the 6,971 Chapter 11 filings in the same time period in 2008.
- Chapter 12 filings rose 7.0 percent to 367, from the 343 filings for the 12-month period ending March 2008.
For more on bankruptcy and its chapters, visit the Judiciary’s web site or go to www.fjc.gov/federal/courts.nsf. Local bankruptcy court rules can be found at www.uscourts.gov/rules/bk-localrules.html. Historic data on bankruptcy filings is available on the Judiciary’s website under Bankruptcy Statistics. Additional bankruptcy statistics, including bankruptcies by county, can be found on the Judiciary’s PACER system.
| Business and Non-Business Filings | |||
| Years Ended March 31, 2005-2009 | |||
| Year | Total | Non-Business | Business |
| 2009 | 1,202,503 | 1,153,412 | 49,091 |
| 2008 | 901,927 | 871,186 | 30,741 |
| 2007 | 695,575 | 673,615 | 21,960 |
| 2006 | 1,794,795 | 1,759,503 | 35,292 |
| 2005 | 1,590,975 | 1,559,023 | 31,952 |
For more information on Chapter’s 7, 13, 11 filings call us at 801-513-0898 or visit www.carrlawut.com
| Total Bankruptcy Filings by Bankruptcy Chapter | ||||
| Years Ended March 31, 2005-2009 | ||||
| Chapter | ||||
| Year | 7 | 11 | 12 | 13 |
| 2009 | 819,362 | 11,785 | 367 | 370,875 |
| 2008 | 560,015 | 6,971 | 343 | 334,551 |
| 2007 | 413,294 | 5,199 | 372 | 276,649 |
| 2006 | 1,432,074 | 6,497 | 366 | 355,756 |
| 2005 | 1,141,715 | 7,115 | 189 | 441,838 |
| Quarterly Filings* | |||||||
| PERIOD | FILINGS | PERIOD | FILINGS | PERIOD | FILINGS | ||
| MAR. 31, 2009 | 330,477 | JUN. 30, 2004 | 421,110 | SEPT. 30, 1999 | 323,550 | ||
| DEC. 31, 2008 | 301,317 | MAR. 31, 2004 | 407,572 | JUN. 30, 1999 | 345,956 | ||
| SEPT. 30, 2008 | 292,291 | DEC. 31, 2003 | 393,348 | MAR. 31, 1999 | 330,784 | ||
| JUN. 30, 2008 | 276,510 | SEPT. 30, 2003 | 412,989 | DEC. 31, 1998 | 353,108 | ||
| MAR. 31, 2008 | 245,695 | JUN. 30, 2003 | 440,257 | SEPT. 30, 1998 | 361,205 | ||
| DEC. 31, 2007 | 226,413 | MAR. 31, 2003 | 412,968 | JUN. 30, 1998 | 373,460 | ||
| SEPT. 30, 2007 | 218,909 | DEC. 31, 2002 | 395,129 | MAR. 31, 1998 | 354,118 | ||
| JUN. 30, 2007 | 210,449 | SEPT. 30, 2002 | 401,306 | DEC. 31, 1997 | 347,685 | ||
| MAR. 31, 2007 | 193,641 | JUN. 30, 2002 | 400,686 | SEPT. 30, 1997 | 353,515 | ||
| DEC. 31, 2006 | 177,599 | MAR. 31, 2002 | 379,012 | JUN. 30, 1997 | 367,168 | ||
| SEPT. 30, 2006 | 171,146 | DEC. 31, 2001 | 364,921 | MAR. 31, 1997 | 335,073 | ||
| JUN. 30, 2006 | 155,833 | SEPT. 30, 2001 | 359,518 | DEC. 31, 1996 | 311,131 | ||
| MAR. 31, 2006 | 116,771 | JUN. 30, 2001 | 400,394 | SEPT. 30, 1996 | 303,309 | ||
| DEC. 31, 2005 | 667,431 | MAR. 31, 2001 | 366,841 | JUN. 30, 1996 | 297,162 | ||
| SEPT. 30, 2005 | 542,002 | DEC. 31, 2000 | 310,169 | MAR. 31, 1996 | 266,149 | ||
| JUN. 30, 2005 | 467,333 | SEPT. 30, 2000 | 308,718 | DEC. 31, 1995 | 244,494 | ||
| MAR. 31, 2005 | 401,149 | JUN. 30, 2000 | 321,729 | SEPT. 30, 1995 | 233,593 | ||
| DEC. 31, 2004 | 371,668 | MAR. 31, 2000 | 312,335 | JUN. 30, 1995 | 235,302 | ||
| SEPT. 30, 2004 | 396,438 | DEC. 31, 1999 | 318,634 | MAR. 31, 1995 | 212,626 | ||
For more information on Chapter’s 7, 13, 11 filings call us at 801-513-0898 or visit www.carrlawut.com
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