USA   |   UK   |   Australia   |   Canada
ADVERTISEMENT

State by state bankruptcy statistics, 2005-2012

Filings continue to fall in 3rd quarter of 2012

By

Bankruptcies slipped again in the third quarter of 2012, though experts do not expect the trend to last much longer.

The first nine months of 2012 saw about 913,000 individual bankruptcy filings in the 50 states and District of Columbia. That's down 14 percent from the same period in 2011, when 1.06 million bankruptcies were filed, according to figures from Epiq Systems, which compiles data from federal bankruptcy records.

The decline comes on the heels of a fall of 12 percent for all of 2011 compared to the previous year. For 2011, fewer than 1.37 million bankruptcy filings were recorded, compared to almost 1.55 million in 2010.

The chart below summarizes Chapter 7 and Chapter 13 bankruptcies by state and by federal court jurisdiction, through the third quarter of 2012. Click on a state to unfold details.

Recent history: Filings spike, plummet, rise, tail off
Bankruptcy filings topped out at about 2 million in 2005, propelled by the introduction of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The act meant higher filing fees, a means test for eligibility, required counseling programs and an eight-year moratorium before a person can file for bankruptcy again.

Many consumers rushed to file before the law took effect, and that, coupled with the time it took attorneys to adjust to the new act, pushed filings down to 617,000 in 2006. By 2007, filings had surpassed 850,000, and they continued to rise until 2011, when the tail-off began.  

See related: Personal bankruptcies fell 14 percent in first three quarters of 2012, What to say when you can't pay, How bankruptcy affects your FICO score  

Juan Rodriguez contributed to this report.

Updated: October 19, 2012



Join the discussion

We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.

The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company's business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.

Three most recent Research, statistics stories:

Share This Story




Follow Us!


Credit Card Rate Report

Updated: 10-30-2014

National Average 15.09%
Low Interest 10.37%
Balance Transfer 12.82%
Business 12.85%
Student 13.14%
Cash Back 14.98%
Reward 15.07%
Airline 15.46%
Bad Credit 22.73%
Instant Approval 28.00%

ADVERTISEMENT
ADVERTISEMENT