March 4, 2011

Total Bankruptcy Filings Increased 8%

Posted in Bankruptcy tagged at 11:53 am by demetriagraves

According to latest data released from the Administrative Office of U.S. Courts, total bankruptcy filings in the U.S. increased 8 percent in 2010 over calendar year 2009.  Bankruptcy filings totaled 1,593,081 for the 12-month period ending Dec. 31, 2010, over the previous year’s total of 1,473,675.

The 1,536,799 consumer filings during the 2010 calendar year represented a 9 percent increase over the 1,412,838 filings recorded during the same period in 2009. The consumer Chapter 7 total of 1,100,116 filings during 2010 represented a 9 percent increase over the 1,008,870 consumer Chapter 7 filings during 2009. The consumer Chapter 7 filings comprised 72 percent of the total consumer filings for the 2010 calendar year, up slightly from the previous year.

While total and consumer bankruptcies continued to increase in 2010, business filings decreased by 7.5 percent. Business bankruptcies decreased to 56,282 filings during 2010 from the 60,837 filing in 2009. Chapter 11 business filings decreased the most in calendar year 2010, falling 14 percent to 11,774 from the 13,683 recorded in 2009.

The only business bankruptcy chapter to experience an increase in 2010 was Chapter 12, which is designed to give special debt relief to family farmers and fishermen. Chapter 12 business filings increased 33 percent to 723 bankruptcies in 2010 from the 544 filings recorded in 2009. The 2010 Chapter 12 business bankruptcies represent the highest total since the 834 filings registered during the 12-month period ending Dec. 31, 1999.

Districts with the highest percentage increase in total filings for 2010 (compared to the identical period in 2009):

1.     Southern District of Florida: 36.2%
2.     Central District of California: 31.4%
3.     District of Hawaii: 27.4%
4.     District of Utah: 24.6%
5.     District of Arizona: 23.7%


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