Bankruptcy Filings Down for Fiscal Year 2007, Up for Quarter

From the U.S. Courts:

"Bankruptcy cases filed in federal courts totaled 801,269 for the 12-month period ending September 30, 2007, down 28 percent when compared to the 1,112,542 filings in Fiscal Year 2006. However, according to the Administrative Office of the U.S. Courts, the September 2007 filings are the highest of any previous 12-month period since September 2006. [Click on image to expand view of the table.]

Bankruptcy filings dropped precipitously in 2006 after implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Now, in fiscal year 2007—although filings remain well below pre-BAPCPA levels—total filings continue to increase.

The federal Judiciary's fiscal year is the 12-month period ending September 30. The bankruptcies reported are for October 1, 2006 through September 30, 2007.

Additional statistics released today include business and non-business filings for the 12-month period ending September 30, 2007 (Table F-2, 12-month); a comparison of September 2006 and 2007 filings (Table F), 3rd quarter filings (Table F-2, 3-month); monthly filings for the 12-month period ending September 30, 2007 (Table F-2, Monthly); and filings per capita." 

See also:  Bankruptcy Filings Through First Three Quarters of 2007 Eclipse Last Year’s Totals, American Bankruptcty Institute.[RJ]