Consumer and business bankruptcy filings rose 20 percent in the 12-month period ending June 30, 2010, according to the Administrative Office of the U.S. Courts.
A total of 1,572,597 bankruptcy cases were filed in federal courts in that period, compared to 1,306,315 bankruptcy cases filed in the 12-month period ending June 30, 2009.
It is the highest number of bankruptcy filings for any period since many of the provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 took effect.
As foreclosures and high unemployment persist, more consumers are resorting to bankruptcy court. Referred to as “non-business filings,” consumer bankruptcies totalled 1,512,989, up 21 percent compared to the same six-month period last year.
Business filings totaled 59,608, up 8 percent from the 55,021filings reported in June 30, 2009.
Here’s the breakdown from http://www.uscourts.gov:
- Chapter 7 filings totaled 1,133,320, up 25 percent from the 907,603 Chapter 7 filings in the 12-month period ending June 30, 2009.
- Chapter 13 filings totaled 424,242, up 10 percent from the 384,187 filings in the same time period in June 2009.
- Chapter 11 filings totaled 14,272, up 2 percent from the 13,951 filings during the 12-month period ending June 30, 2009.
- Chapter 12 filings rose 56 percent to 660 from the 422 Chapter 12 bankruptcies filed as of June 30, 2009.
