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 Bankruptcy Filings up 33 Percent over a 12-month Period

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Boots06
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PostSubject: Bankruptcy Filings up 33 Percent over a 12-month Period   Sat Jul 18, 2009 10:52 pm

Interesting Article Link

Bankruptcy Filings up 33 Percent over a 12-month Period: Total 12-month Total of Bankruptcy Filings 1.2 Million. In last Report, Filings up 27 Percent in one month.

Posted by mybudget360 in bailout, bankruptcy, banks, chapter 7, credit cards, debt
3 Comment Bankruptcy filings are soaring in the United States.

In the last data point, we had 134,282 bankruptcy filings for the month of March 2009. Bankruptcy data usually lags 3 or 4 months but the trend is ominous.

For the last 12 months some 1.2 million bankruptcy filings have occurred. Much of this is linked to the 26,000,000 unemployed or underemployed Americans being unable to pay their bills or even service their debt. What is more telling is the amount of Chapter 7 bankruptcies occurring since these are straight liquidations and not like a Chapter 13 restructuring.
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Anna
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PostSubject: Re: Bankruptcy Filings up 33 Percent over a 12-month Period   Mon Aug 03, 2009 1:19 am

In CY 2008, filings rose under Chapters 7, 11, and 13 of the U.S. bankruptcy code.

* Chapter 7 filings totaled 744,424, up 43 percent from the 519,364 Chapter 7 filings reported in CY 2007.

* Chapter 11 filings rose 60 percent to 10,160, up from the 6,353 filings in CY 200
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Andy
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PostSubject: Re: Bankruptcy Filings up 33 Percent over a 12-month Period   Mon Aug 03, 2009 1:21 am

The number of bankruptcies filed in the twelve-month period ending December 31, 2008, totaled 1,117,771, up from 850,912 bankruptcies filed in CY 2007. Filings have grown since CY 2006 when bankruptcy filings totaled 617,660, in the first full 12-month period after the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) took effect. An historic high in the number of bankruptcy filings was seen in calendar year 2005, when over 2 million bankruptcies were filed.
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Bankruptcy Filings up 33 Percent over a 12-month Period
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