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Bankruptcy Filings Inching Up

August 21, 2007

Bankruptcy filings are creeping up again, according to the Administrative Office of U.S. Courts, which reported that filings for the quarter ending June 30 were at their highest levels since the Bankruptcy Abuse Prevention and Consumer Protection Act was implemented in 2005.

Bankruptcy filings totaled 210,449 for the quarter ending in June. For the quarter ending March 31, 2006 — the first quarter after changes to bankruptcy laws were enacted — filings totaled 116,771. Filings totaled 667,431 for the quarter preceding the implementation of the new rules.

Bankruptcies totaled 272,604 for the first half of last year. For the first half of this year, bankruptcies have reached 404,090 — a 48.2-percent jump.

Non-business filings also grew from 264,502 in the first half of last year to 391,135 this year, a 48 percent jump.

Non-business Chapter 7 bankruptcies increased from 155,330 for the first half of last year to 240,856 for the first half of this year. Non-business Chapter 11 bankruptcies increased from 257 for first half of last year to 266 for the first six months of this year. Non-business Chapter 13 bankruptcies increased from 108,915 filings for the first half of last year to 150,013 filings for the first half of this year.

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