Surprise! Bankruptcy Filings Up

by Dana Wilkinson, Attorney at Law

December 16, 2008

Okay, from the queen of the obvious here, bankruptcy filings are up for 2008:

Bankruptcy filings rose 30% during the government’s 2008 fiscal year, which ended Sept. 30, according to figures released Monday by the Administrative Office of the U.S. Courts.

Total bankruptcy filings increased by 241,724 cases, or 30%, to 1.04 million in the 12 months between Oct. 1, 2007, and Sept. 30, 2008.

For the three months ended Sept. 30, total bankruptcies rose nearly 34% to 292,291, up from 218,909 in the same period last year. Fiscal fourth-quarter filings were up 60% from 182,973 in the previous quarter.

Non-business filings totaled just over 1 million for the year, up 30% from the 775,344 non-business filings in fiscal 2007. Business filings rose 49% to 38,651, up from 25,925 business filings in the previous 12-month period.

Filings haven’t hit 2005 levels, but they aren’t off by much. Filings in 2005 hit an all-time high before the effective date of the law that made it more difficult and expensive to file. What is striking to me is the sharp increase in business filings.

Anyone taking bets on 2009?

Related Posts Plugin for WordPress, Blogger...
The following two tabs change content below.
Däna (pronounced "Donna") Wilkinson, has been a bankruptcy lawyer in South Carolina for 20 years. She is certified as a bankruptcy specialist by the South Carolina Supreme Court.

Last modified: December 15, 2008