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Highest Bankruptcy Rates Since 2006 5/26/2010

The United States Bankruptcy Courts have reported that the number of bankruptcies filed for the 12 month period ending March 31, 2010 have risen 27% nationwide when compared to the 12 month period ending March 31, 2009.  These numbers mark the highest bankruptcy rates since 2006 and indicate a dramatic increase due to the economic conditions facing the United States. 

The 2006 reference date is significant due to the changes in the Bankruptcy Code passed in 2005  as part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA).  It was believed that this act would restrict the number of bankruptcies that could be filed however it seems clear that this has not been the case. 

According to the United States Bankruptcy Courts, in the 12-month period ending March 31, 2010, filings increased for all bankruptcy chapters.

  • Chapter 7 filings rose 34 percent to 1,100,032, compared to the 819,304 Chapter 7 filings in the 12-month period ending March 31, 2009.
  • Chapter 13 filings rose 12 percent to 415,966 from the 370,836 bankruptcies filed in the 12-month period ending March 31, 2009.

 

 

(http://www.uscourts.gov/News/NewsView/10-05-14/Bankruptcy_Filings_Highest_Since_2006.aspx).

 

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