Friday, October 2, 2009

Bankruptcy Filings Spike

Consumer bankruptcies totaled 1,046,449 filings through the first nine months of 2009 (Jan. 1-Sept. 30), the first time since the 2005 bankruptcy overhaul that filings have surged past the 1 million mark during the first three calendar quarters of a year, according to the ABI, relying on data from the National Bankruptcy Research Center (NBKRC). The bankruptcy filings for the first three-quarters of 2009 were the highest total since the 1,350,360 consumer filings through the first nine months of 2005. The September 2009 consumer filing total reached 124,790, a 41 percent increase from the 88,663 consumer filings in September 2008. The September 2009 filings also represented a 4 percent increase over the 119,874 filings in August 2009 and it is the fourth-highest single month since the 2005 law change. Chapter 13 filings constituted 28 percent of all consumer cases in September, unchanged from the August rate. Source: American Bankruptcy Institute.

Warmest Regards,

Bob Schaller

Your Bankruptcy Advisor Blog
By: Attorney Robert Schaller (Bob's bio) of the Schaller Law Firm

Bob is a member of the National Bankruptcy College Attorney Network, American Bankruptcy Institute and the National Association of Consumer Bankruptcy Attorneys.

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