Contact: John Hartgen
JANUARY CONSUMER BANKRUPTCY FILINGS DECREASE
22 PERCENT FROM PREVIOUS MONTH
February 1, 2011, Alexandria, Va.— January
consumer bankruptcies decreased 22 percent nationwide from December
2010, according to the American Bankruptcy Institute (ABI), relying on
data from the National Bankruptcy Research Center (NBKRC). The data
showed that the overall consumer filing total for January reached
92,669, down from the 118,146 consumer filings recorded in December
2010. The January 2011 consumer filings represent the lowest monthly
filing total since January 2009, when 88,773 filings were recorded.
"The decline in consumer filings in January represents a promising start
to 2011 after years of expanding consumer debt and financial distress,"
said ABI Executive Director Samuel J. Gerdano. "Still,
we anticipate that there will be nearly 1.6 million consumer bankruptcy
filings by year end."
The January 2011 consumer filing total also represented a 9 percent drop
from January 2010 total of 102,254. Chapter 13 filings constituted 32
percent of all consumer cases in January, a slight increase from
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
12,800 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.