Bankruptcy Filings Increase

  • United States
  • 08/21/2007
  • John Emmanuel and Donald Kirk from Fowler White Boggs and Banker

Recent information from the Administrative Office of the U.S. Courts reflect a sharp increase in bankruptcy filings this year. The total number of bankruptcies filed during the first six months of 2007 increased over 48% over the same period in 2006 in all bankruptcy court districts. Total filings reached 404,090 during the first half of the calendar year of 2007 (January 1-June 30), compared to 272,604 cases filed over the same period in 2006. A higher number of consumer cases lead the increases. However, Chapter 11 reorganizations also rose, from 2,370 in the first half of 2006 to 2,713 in the same period of 2007, a 14.47% increase.