Bankruptcy Filings Drop 61 Percent in March 2007 12-Month Period
In the 12-month period ending March 31, 2007, 695,575 bankruptcy cases were filed in federal courts, according to statistics released by the Administrative Office of the U.S. Courts.
In the 12-month period ending March 31, 2007, 695,575 bankruptcy cases were filed in federal courts, according to statistics released by the Administrative Office of the U.S. Courts. Compared to filings in the 12-month period ending March 31, 2006, when bankruptcy cases totaled 1,794,795, this was a 61 percent drop in filings. The 12-month period ending March 31, 2006, included the surge in filings that occurred prior to the October 17, 2005, implementation date of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA).
Filings for the 3-month period of January 1, 2007-March 31, 2007 were the highest of any quarter in the 12-month period ending March 31, 2007, totaling 193,641. This was a 66 percent increase when compared to the 116,771 filings in the three-month period ending March 31, 2006. In addition, filings in the 12-month period ending March 2007 were higher compared to calendar year 2006 filings that totaled 617,660.
The majority of bankruptcy filings are filings involving predominantly non-business debts. Non-business filings for the 12-month period ending March 31, 2007, totaled 673,615, down 62 percent from the 1,759,503 non-business filings in the 12-month period ending March 31, 2006.
Filings involving predominantly business debts totaled 21,960 in March 2007, down 38 percent from the 35,292 total business filings in the 12-month period ending March 31, 2006.
Chapter 7 filings fell 71 percent to 413,294, from 1,432,074 Chapter 7 filings in the 12-month period ending March 31, 2006.
Chapter 13 filings fell 22 percent, to 276,649, compared to the 355,756 Chapter 13 filings in March 2006. Chapter 11 filings also declined, falling 20 percent to 5,199 from the 6,497 Chapter 11 filings in March 2006. Chapter 12 filings rose 2 percent from 366 in March 2006 to 372 in March 2007.
For more on bankruptcy and its chapters, visit the Judiciary's Website or visit www.fjc.gov/federal/courts.nsf. Local bankruptcy court rules and historic data on bankruptcy filings are also available. Additional bankruptcy statistics, including bankruptcies by county, can be found on the Judiciary's PACER system.
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