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Chapter 7 Bankruptcy Filings Up 25 Percent

Bankruptcy filings overall rose 20 percent in the 12-month period ending June 30, 2010, according to statistics released today by 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. This 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.

In the 12-month period ending June 30, 2010 increased filings were seen in all bankruptcy chapters.

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. – Source

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Steve

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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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