by Bill McBride on 9/01/2010 06:54:00 PM
Wednesday, September 01, 2010
Note: The number of filings is volatile month to month - and August is frequently a bit lower than July.
From the American Bankruptcy Institute: August Consumer Bankruptcy Filings fall 8 Percent this Month
The 127,028 consumer bankruptcies filed in August represented a 8 percent decrease nationwide over the 137,698 filings recorded in July 2010, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). Though a decrease from the previous month, NBKRC’s data also showed that the August 2010 consumer filings represented a 6 percent increase from the 119,874 consumer filings recorded in August 2009. ...Click on graph for larger image in new window.
“While monthly filings are volatile, consumer bankruptcies are still the highest they have been since Congress overhauled the bankruptcy law in 2005,” said ABI Executive Director Samuel J. Gerdano. “Consumer filings remain on track to top 1.6 million filings in 2010.”
This graph shows the non-business bankruptcy filings by quarter using monthly data from the ABI and previous quarterly data from USCourts.gov.
In 2005 the so-called "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005" was enacted. Since then the number of bankruptcy filings has increased steadily.
Posted by Bill McBride on 9/01/2010 06:54:00 PM