Bankruptcy Filings Reach 2005 Levels

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According to the American Bankruptcy Institute, consumer bankruptcy filings reached 126,434 in July 2009, the highest monthly total since the rush of filings that occurred before the Bankruptcy Abuse Prevention and Consumer Protection Act was implemented in October 2005. The data came from the National Bankruptcy Research Center (NBKRC). The July 2009 consumer filing total represented a 34.3% increase nationwide from the same period a year ago, and an 8.7% increase over the June 2009 consumer filing total of 116,365. Chapter 13 filings constituted 28.3% of all consumer cases in July, slightly above the June rate.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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