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Home > Practice Areas > Bankruptcy > Bankruptcy filings continue to soar
Bankruptcy filings continue to soar
By:
Reni Gertner
Published: March 7, 2010
Tags: Bankruptcy Abuse Prevention and Consumer Protection Act, bankruptcy filings
Bankruptcy filings in the federal courts rose 31.9 percent in calendar year 2009, according to data released by the Administrative Office of the U.S. Courts.
The number of bankruptcies filed in 2009 was 1,473,675, up from 1,117,641 bankruptcies filed in 2008.
Filings have grown steadily 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.
The majority of the filings involve consumer debts. In 2009, consumer bankruptcy filings totaled 1,412,838, up 32 percent from the 1,074,108 consumer filings in 2008.
Business filings totaled 60,837 in 2009, up 40 percent from the 43,533 business filings in 2008.
The number of bankruptcies filed during the first quarter of fiscal year 2010 was 372,203, up 24 percent from the 301,253 filings in the first quarter of fiscal year 2009.
-Reni Gertner
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[...] Bankruptcy filings continue to soar: Bankruptcy filings in the federal courts rose 31.9 percent in calendar year 2009, according to data released by the Administrative Office of the U.S. Courts. [...]