Consumer bankruptcy filings increase

November 4, 2009

From the American Bankruptcy Institute (no link yet):

The 135,913 consumer bankruptcy filings in October represented a 27.9 percent increase over last October’s monthly total of 106,266, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). The October 2009 consumer filings represented an 8.9 percent increase from the September 2009 total of 124,790. Chapter 13 filings constituted 28.5 percent of all consumer cases in October, a slight increase from the September rate.

“The nearly 9 percent increase in consumer bankruptcy filings in October, together with a 7 percent jump reported in business cases, demonstrates the sustained stress on the U.S. economy,” said ABI Executive Director Samuel J. Gerdano. ABI forecasts that total bankruptcies this year will exceed 1.4 million, the highest number since 2005.

Filings in 2005 were inflated by the passage of a new bankruptcy law that made it harder to file.

2 comments

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Did anyone say ‘Recovery’?

Posted by yr | Report as abusive

[...] Consumer bankruptcy filings are up, no big surprise when jobs are scarce and credit has dried up like the leaves accumulating on the ground right now. While always the last resort, bankruptcy may be the only way to salvage your finances. If that is indeed the case, it’s critical that you know the ins and outs of the process. [...]

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Posted by jennifer | Report as abusive

[...] Consumer bankruptcy filings are up, no big surprise when jobs are scarce and credit has dried up like the leaves accumulating on the ground right now. While always the last resort, bankruptcy may be the only way to salvage your finances. If that is indeed the case, it’s critical that you know the ins and outs of the process. [...]

[...] Consumer bankruptcy filings are up, no big surprise when jobs are scarce and credit has dried up like the leaves accumulating on the ground right now. While always the last resort, bankruptcy may be the only way to salvage your finances. If that is indeed the case, it’s critical that you know the ins and outs of the process. [...]