Tuesday, February 02, 2010

ABI: Personal Bankruptcy Filings Up 15% from January 2009

by Bill McBride on 2/02/2010 06:11:00 PM

A couple of key points:

  • The ABI is forecasting more personal bankruptcy filings in 2010 than in 2009 (just over 1.4 million)
  • Filings were down 10% from December, but up 15% from January 2009.

    From the American Bankruptcy Institute: January Consumer Bankruptcy Filings Decrease 10 Percent from December
    The 102,254 consumer bankruptcies filed in January represented a 10 percent decrease nationwide from the 113,274 consumer filings recorded in December, according to the American Bankruptcy Institute (ABI) relying on data from the National Bankruptcy Research Center (NBKRC). NBKRC’s data also showed that the January 2010 consumer filings represented a 15 percent increase over the 88,773 consumer filings recorded in January 2009.

    “While January represented a drop in filings from the previous month, high unemployment rates, unsustainable mortgage burdens and other economic stresses will push more consumers to seek the financial relief of bankruptcy in 2010,” said ABI Executive Director Samuel J. Gerdano. “Consumer filings this year will likely surpass the 1.4 million consumer filings recorded in 2009.”
    emphasis added

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