Contact: John Hartgen
CONSUMER BANKRUPTCY FILINGS UP 11 PERCENT
THROUGH NINE MONTHS OF 2010
October 4, 2010, Alexandria, Va.— U.S. consumer
bankruptcy filings totaled 1,165,172 nationwide during the first nine
months of 2010 (Jan. 1-Sept. 30), an 11 percent increase over the
1,046,449 total consumer filings during the same period a year ago,
according to the American Bankruptcy Institute (ABI), relying on data
from the National Bankruptcy Research Center (NBKRC). The consumer
filings for the three-quarters of 2010 represent the highest total since
2005, when Congress enacted the Bankruptcy Abuse Prevention and Consumer
Protection Act (BAPCPA) to try and stem the tide of filings.
“While the 2005 bankruptcy overhaul law aimed to reduce filings,
overall consumer debt and continued financial stress have led to
consumer bankruptcies climbing back to pre-BAPCPA levels,” said
ABI Executive Director Samuel J. Gerdano. “We
expect that there will be nearly 1.6 million new bankruptcy filings by
The overall September consumer filing total of 130,329 was 4.4 percent
more than the 124,790 consumer filings recorded in September 2009.
The September total also represented a 3.3 percent increase from the
August 2010 total of 127,028 consumer filings. Chapter 13 filings
constituted 30 percent of all consumer cases in September, a slight
increase from August.
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
12,600 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.