Tag Archives: statistics

Bankruptcy Filings Fall for Second Year in a Row

BankruptcyPetitioniStockPhotoAccording to the recently released 2012 Report of Statistics Required by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, consumers filed a total of 1.1 million bankruptcies in 2012. This is a whopping 14% decrease from the number of consumer cases filed in 2011.  And 2011 filings were down from 2010 as well — by 11%.

Another trend that continued from 2011 to 2012 — of the total number of consumer bankruptcies filed, a slightly smaller percentage were Chapter 7 cases as compared to the previous year. Specifically, in 2010 71% of the consumer bankruptcies filed were Chapter 7 cases, in 2011 that percentage decreased to 70%, and in 2012 it further decreased to 69%.  The percentage of cases filed that were Chapter 13s correspondingly increased — from 30% in 2011 to 31% in 2012.

Other interesting statistics:

  • In 2012, the average time it took to complete a Chapter 7 case, from start to finish, was 205 days (or about 7 to 8 months). This is much longer than the “about three months” figure often bandied about. Of course, how long a case lasts depends on the jurisdiction and the particulars of the case.  For example, a case where a creditor files a complaint to determine dischargeability or where the trustee must sell property will take longer than a no-asset case in which no motions are filed.
  • In 2012, 30% of Chapter 13 filers had filed for bankruptcy within the previous eight years.

You can read the 2012 BACPA Report here.

Bankruptcy Filings Decrease in 2012

According to recent statistics released by the Administrative Office of the U.S. Courts, personal bankruptcy filings for the fiscal year 2012 (the 12-month period ending September 30, 2012) were down by 14% over fiscal year 2011.  They decreased from 1,467,221  to 1,261,140.

Business bankruptcies were also down in fiscal year 2012 by 16% — they dropped from 49,895  in fiscal year 2011 to 42,008 in fiscal year 2012.

You can find more information about the recent bankruptcy filing statistics here.

Forclosures Down Nationwide

The month of September marked the lowest number of foreclosures nationwide since 2007, according to a recent report by RealtyTrac.  The number of foreclosures was down 7% from August 2012, and was 16% lower than in September 2011.

The news was not all good, however. Some states that use the judicial foreclosure process (where foreclosures go through court) actually saw an increase in foreclosures in September. Because  judicial foreclosures take longer than nonjudicial foreclosures, experts say the higher numbers are probably due to a backlog of cases finally foreclosing.  Of the nonjudicial foreclosure states, only four had a rise in foreclosure numbers.

The numbers for foreclosure starts (when a foreclosure is initiated) were lower too – September foreclosure starts were 12% lower than in August. Experts warn that this might mean an increase in short sales. Short sales are bad news for housing prices (although not as bad as foreclosures), but are often preferable to homeowners than going through foreclosure.  (Learn about the pros and cons of short sales, and how they work, in Nolo’s Short Sales topic area.)

Bankruptcy Filings Continue to Go Down

The Administrative Office of the U.S.  Courts just released its latest figures on bankruptcy filings.  For the 12-month period ending June 30, 2012, the number of bankruptcy petitions decreased by 14%.  The total number of personal (non-business) bankruptcies filed during this period, however, is nothing to sniff at:  1,267,167.

You can find more detailed tables of bankruptcy filings in the past year  at the website off the U.S. Courts.

Bankruptcy Filings Decline in 2011

According to statistics released today, the total number of bankruptcies filed in 2011 was 11.5% lower than the number of bankruptcies filed in 2010. This is the first decrease in bankruptcy filings since 2006. (The 2006 decrease was widely attributed to the bankruptcy law overhaul of 2005.)

The total number of bankruptcies filed in 2011 was  1,410,653. Of those, 992,332 were Chapter 7 bankruptcies.

You can read more about the 2011 bankruptcy statistics on the U.S. Courts website, here.

Bankruptcy Filings Continue to Decline in 2011

The American Bankruptcy Institute recently released a report on bankruptcy filings in the United States in July, 2011.  The filings for July were down a whopping 18% as compared to July 2010. This continues a trend that has persisted for the last six months — month-by-month the bankruptcy filings for 2011 are lower than those for 2010.

Experts disagree on the reasons for this decline, but the ABI Executive Director, Samuel Gerdano, attributes it to the “deleveraging of household debts and tightening of consumer credit.”