Bankruptcy Filings Up 33% in Last 12 Months

  • United States
  • 06/09/2009
  • Sarah Randag - American Bar Association

Bankruptcy filings are up 33.3 percent in the year ending March 31, 2009, than from the year ending March 31, 2008. According to a press release issued today by the Administrative Office of the U.S. Courts, there have been 1,202,503 bankruptcies in the last 12 months, as opposed to 901,927 in the earlier 12-month period.

The latest figure is also an increase over the 1,117,771 filed in the 2008 calendar year.

The vast majority of bankruptcies reported were nonbusiness rather than business bankruptcies. The American Bankruptcy Institute, a professional association based in Alexandria, Va., released figures last week stating that U.S. consumer bankruptcies were 37 percent greater in May 2009 than they were in May 2008, the Atlanta Journal-Constitution reported.