WASHINGTON (8/29/12)--Thirteen million consumers filed for personal bankruptcy in 2011, an 11% drop in case filings, according to statistics compiled and released Monday by the Administrative Office of the U.S. Courts.
The 2011 statistical report is required by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). It includes statistics on individuals filing for Chapters 7, 11 and 13 bankruptcy relief.
The numbers represent a 23% drop in filer assets and a 25% decrease in filer liabilities. Roughly 28% of the Chapter 13 cases in 2011 were repeat filers who had filed a bankruptcy petition during the previous eight years.
Roughly 70% of those were Chapter 7 bankruptcy filings, down from 71% in 2010, while 30% were Chapter 13 filings, down from 28% in 2010. One-tenth of 1% of the filings were Chapter 11s.
Consumers sought protection for nearly $221.3 billion of which more than $133.8 billion was in real property and $87.5 billion in personal property, said the report. That compared with $407 billion in 2010 comprising $263.3 billion in real property and nearly $143.8 billion in personal property.
Liabilities totaled $280 billion in 2011, compared with $473.8 billion a year earlier. Last year's total included more than $177.4 billion in secured claims, nearly $4.7 billion in unsecured claims, and $98.8 billion in unsecured priority claims.
For the full BAPCPA report, use the link.