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Tuesday, April 15, 2008

Courts - "Bankruptcy Filings Rebound in Calendar Year 2007" [Updated]

So reports the Administrative Office of the U.S. Courts in this release, stating:

Filings rebounded from a 70 percent drop in calendar year 2006, which was the first full 12-month period after the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) took effect.

An historic high in the number of bankruptcies filings was seen in calendar year 2005, when over 2 million bankruptcies were filed, mainly because, in October of 2005, many of the provisions of BAPCPA were enacted. Filings fell through 2006, but started their gradual climb back up in 2007.

However, as shown in the chart included in the release, labeled "Total Bankruptcy Filings by Bankruptcy Chapter Calendar Years, Period Ending December 31, 2003-2007", 2007 filings are still nowhere near the 2004 levels.

 

Chapter

Year

7

11

12

13

2007

519,364

6,353

376

324,771

2006

360,890

5,163

348

251,179

2005

1,659,017

6,800

380

412,130

2004

1,137,958

10,132

108

449,129

2003

1,176,905

9,404

712

473,137

[Updated 4/16/08] Here is a story from the AP headlined "Indiana bankruptcies among highest in U.S."

Posted by Marcia Oddi on April 15, 2008 03:14 PM
Posted to Courts in general