Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
New 2011 bankruptcy stats show 11 drop in filing
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.
Other Resources

RSS print
News Now LiveWire
Consumer spending, income slip in July #Market #NewsNow http://t.co/GHFviIePLS
2 hours ago
Breaking on #NewsNow: Loan balances up 9.8% in 2nd Q, per @TheNCUA http://t.co/sqoJTfHQ8q
2 hours ago
#NewsNow S.F. paper notes Bay Area CUs' growth, 100M milestone http://t.co/rxl2TrwRIt
2 hours ago
Take 1 step to prepare See #NewsNow http://t.co/iAmMGHY9V3 HT @AgilityRecovery graphic #NPM @Readygov http://t.co/KDvJl9K9hJ
3 hours ago
#NewsNow: Seth Carpenter nominated to be @USTreasury assistant sec. for financial markets. http://t.co/SfLjscjrEE
3 hours ago