Contact: John Hartgen
TOTAL BANKRUPTCY FILINGS DECREASE 12 PERCENT IN 2011, COMMERCIAL FILINGS FALL 19 PERCENT
January 4, 2012, Alexandria, Va.— Total bankruptcy filings in the United States decreased 12 percent in 2011 over calendar year 2010, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 1,379,113 for the 12-month period ending Dec. 31, 2011, over the previous year’s total of 1,561,008. The consumer filing total for calendar year 2011 was 1,304,971, representing an 11 percent decrease from the 1,468,938 total consumer filings during the same period in 2010. The total commercial filings for calendar year 2011 also decreased to 74,142, representing a 19 percent decline from the 92,070 business filings recorded in 2010.
“The decline in total filings reflects the retrenchment in consumer spending associated with a down U.S. economy,” said ABI Executive Director Samuel J. Gerdano. “As consumers continue to deleverage their debt and access to credit remains tight, bankruptcy filings will continue to decrease.”
States with the highest per capita filing rate (total filings per 1,000 population) during the 12-month period ending Dec. 31, 2011 were:
1) Nevada (8.98)
Total commercial filings for chapters 7 and 11 also recorded double-digit decreases during calendar year 2011, according to the Epiq data. Commercial chapter 7 filings during the12-month period ending Dec. 31, 2011, reached 49,500, a 21 percent decrease from the 62,519 filings during the same period in 2010. Total chapter 11 commercial filings for calendar year 2011 were 8,611, a decrease of 19 percent from the 10,604 recorded in 2010.
For further information about the statistics or additional requests, please contact ABI Public Affairs Manager John Hartgen at 703-894-5935 or firstname.lastname@example.org.
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 13,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
Chapter 7 of the Bankruptcy Code is available to both individual and
business debtors. Its purpose is to achieve a fair distribution to
creditors of the debtor’s available non-exempt property.
Unsecured debts not reaffirmed are discharged, providing a fresh