Bankruptcy Statistics for 2010

The latest figures on personal bankruptcy filings in the U.S. have been released and it looks like 2010 will see the most bankruptcy cases since 2005, when the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) took effect.

Bankruptcy cases filed in federal courts for fiscal year 2010, the 12-month period ending September 30, totaled 1,596,355, up 13.8 percent over total FY 2009 bankruptcy filings of 1,402,816, according to statistics released today by the Administrative Office of the U.S. Courts.

While non-business bankruptcy filings continued to rise in FY 2010, business filings dropped slightly for the first time since 2006.  The bankruptcies reported today are for October 1, 2009 through September 30, 2010.

In FY 2010, filings rose for most bankruptcy chapters:

• Chapter 7 filings in FY 2010 totaled 1,146,511, up 15.9 percent from the 989,227 chapter 7 filings in FY 2009.
• Chapter 11 filings fell 3.8 percent, decreasing from 14,745 in FY 2009 to 14,191 in FY 2010.
• Chapter 13 filings rose 9.2 percent, from 398,210 in FY 2009 to 434,839 in FY 2010.
• In FY 2010,chapter 12 filings totaled 707, up 45.2 percent from the 487 chapter 12 filings in FY 2009.

Nevada Statistics

Bankruptcy cases filed in Nevada federal courts for fiscal year 2010, the 12-month period ending September 30, totaled 28,871, up 8% over the total FY 2009 bankruptcy filings of 26,569, according to statistics released today by the Administrative Office of the U.S. Courts.

Randy M. Creighton, Esq.