April 6, 2009
Bankruptcy Filings Way Up in March, 2009
I was wondering why I was so busy. Total petitions filed in March were 131,000, a 28% increase over February which totaled 102,000 and a 47% increase over the 89,000 filed in January. That is 323,000 for the quarter compared to 296,000 for the fourth quarter of last year or a 9% increase. Based on the first quarter, we're looking at 1,292,000 for the year 2009.
The first quarter 2009 is still lower than every pre-BAPCPA quarter going back to the fourth quarter of 2000. Every quarter in 1997 through 1999 exceeded 323,000 except the fourth quarter of 1999. If the next quarter averages the same as March, that quarter (393,000 filings) would multiply out to 1,572,000 annually or less than the totals in 2004, 2003,and 2002 although the filings in total are getting pretty close.
Prof. Bob Lawless has a great post on this at CreditSlips.com. He says that on a daily basis, the increase from March over February was only 9%.
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Thanks for such detail with numbers. Now it becomes easy to file bankruptcy using online services so people are thinking only for filing than any other option.
Posted by: online bankruptcy | Sep 24, 2009 10:37:23 PM