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ABI PRESS RELEASES

Bankruptcy Filings On Record Pace, Though Third Quarter Filings Drop Slightly


Contact: Mana Zarinejad
or Michele Parisi
at (703) 739-0800

ALEXANDRIA, Va., December 1, 1997 — Filings for the third quarter of 1997 posted a 21 percent increase when compared to the same three-month period in 1996, which resulted in 303,309 filings, according to figures released today by the Administrative Office of the U.S. Courts. The quarter dated from July 1, 1997 through Sept. 30, 1997 totaled 353,515, a 4 percent dip from the record-breaking second-quarter results of 367,168.

This is the first quarter after six quarters that filings have dipped. Thus far in 1997, 1,055,756 bankruptcies have been filed, up 22 percent from the same nine-month period in 1996, which posted 866,620 filings.

"While the rate of increase in the number of consumer bankruptcies has slowed somewhat, filings remain at historically high levels," said ABI Executive Director Samuel J. Gerdano. Consumer or non-business filings totaled 340,059 for the quarter. This figure is 4 percent down from the second quarter, which stood at 353,177 filings.

Thus far in 1997, consumer filings have totaled 1,014,478, a 23 percent increase from the same nine-month period in 1996, which stood at 826,042. Business filings for the third quarter of 1997 were 13,456, also a 4 percent drop from the second quarter, which stood at 13,991 filings. Thus far in 1997, business filings have totaled 41,278, a 2 percent increase from the same nine-month period in 1996, which stood at 40,578.

ABI is the largest multi-disciplinary, non-partisan 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 5,900 attorneys, bankers, judges, professors, turnaround specialists, accountants and other bankruptcy professionals providing a forum for the exchange of ideas and information.

For more information on ABI, visit ABI World at http://www.abiworld.org. And for information and statistics collected specifically for the media, visit http://www.abiworld.org/media/media.html.

ABI is the largest multi-disciplinary, non-partisan 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 5,700 attorneys, bankers, judges, professors, turnaround specialists, accountants and other bankruptcy professionals providing a forum for the exchange of ideas and information.

For information and statistics collected especially for the media and other researchers, visit http://www.abiworld.org/media/media.html.

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Copyright © 1997 American Bankruptcy Institute.
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