MADISON, Wis. (11/8/11)--Bankruptcy cases filed in U.S. federal courts for fiscal year 2011-- the 12-month period ending Sept. 30--totaled 1,467,221, down 8% over the fiscal year 2010 bankruptcy filings of 1,596,355, according to the Administrative Office of the U.S. Courts. That is consistent with credit union loan delinquencies, which fell to a cyclical low in the past year, according to the Credit Union National Association (CUNA).
Filings dropped during the fourth quarter of the judiciary's fiscal year, with 15% fewer filings than in fourth quarter 2010, according to the statistics released Monday.
Additional statistics released Monday include business and non-business bankruptcy filings for the 12-month period ending Sept. 30; a comparison of September 2010 and 2011 filings; fourth-quarter filings; and monthly filings for the 12-month period ending Sept. 30.
For the 12-month period, business bankruptcy filings--those cases in which the debtor is a corporation or partnership, or the debt is predominantly related to the operation of a business--totaled 49,895, down 14% from the 58,322 business filings reported in the same period in 2010.
Non-business bankruptcy filings totaled 1,417,326, down 8% from the 1,538,033 non-business bankruptcy filings in September 2010.
In fiscal year 2011, filings fell for Chapter 7 and Chapter 11 bankruptcies:
- Chapter 7 filings totaled 1,036,950, down 10% from the 1,146,511 Chapter 7 filings in fiscal year 2010; and
- Chapter 11 filings fell to 11,979, down 16% from the 14,191 filings reported in fiscal year 2010.
The three-month period ending Sept. 30 was the judiciary's final quarter of fiscal year 2011. Total bankruptcy filings in the fourth quarter were 348,635, down 15% from the 412,380 cases filed in the final quarter of fiscal year 2010.
Credit union 60-plus-day loan delinquency rates fell to a new cyclical low of 1.51% in September, down from 1.75% a year earlier, according to CUNA's latest Monthly Credit Union Estimates for September 2011.
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