Contact: John Hartgen
NOVEMBER CONSUMER BANKRUPTCY FILINGS DROP 12
PERCENT FROM LAST YEAR
December 2, 2011, Alexandria, Va.— U.S.
consumer bankruptcy filings totaled 100,980 nationwide during November,
a 12 percent decrease from the 114,587 total consumer filings recorded
in November 2010, according to the American Bankruptcy Institute (ABI),
relying on data from the National Bankruptcy Research Center (NBKRC).
The November consumer filings also represented a 5 percent decrease from
the 106,255 filings in October. Chapter 13 filings constituted 31
percent of all consumer cases in November, a slight decrease from
"The drop in consumer filings throughout the year reflects the continued
deleveraging of the U.S. consumer after years of expanding consumer
debt," said ABI Executive Director Samuel J. Gerdano.
"We anticipate that there will be less than 1.4 million overall consumer
bankruptcy filings by year end."
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.
NBKRC is an online research center that offers subscribers access to
up-to-date research and statistics on bankruptcy filings. The database
contains complete information dating back to 1995. For more information
on NBKRC, please visit http://www.nbkrc.com.
*Definitions from Bankruptcy Overview: Issues, Law and Policy, by the
American Bankruptcy Institute.
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
Chapter 11 of the Bankruptcy Code is available for both business and
consumer debtors. Its purpose is to rehabilitate a business as a going
concern or reorganize an individual’s finances through a
court-approved reorganization plan.
Chapter 12 of the Bankruptcy Code is designed to give special debt
relief to a family farmer with regular income from farming.
Chapter 13 of the Bankruptcy Code is available for an individual with
regular income whose debts do not exceed specific amounts; it is
typically used to budget some of the debtor’s future earnings
under a plan through which unsecured creditors are paid in whole or in