ABI Ranks States by Bankruptcies
ALEXANDRIA, Va. — The total number of U.S. bankruptcies continued on an upward track according to data shared by the American Bankruptcy Institute.
During the first three months of this year, ABI reported a 34.5-percent jump in bankruptcies as compared to the first quarter of 2008. Data ABI received from the Administrative Office of the U.S. Courts noted that all filings in the quarter totaled 330,477.
That figure easily surpassed what the office compiled for the first quarter of 2008. A total of 245,695 new bankruptcy cases were reported during that three-month span.
The bankruptcy total for the first quarter of 2009 also showed an increase as compared to the final quarter of last year. That span had 301,317 reported bankruptcies. The most-recent quarter is a 9.7-percent increase.
When broken down by business and consumer filings, percentage increases on year-over-year and quarter-to-quarter comparisons were again evident.
Business bankruptcy filings in the first quarter of this year totaled 14,319. That figure represents a 64.3-percent jump from the amount for the same time period of 2008 when 8,713 cases were filed. The most recent quarter also had 11 percent more filings than the fourth quarter of 2008. That's when 12,901 business bankruptcies were filed.
When analyzed by the types of business bankruptcies reported in the first quarter of 2009, 9,700 were Chapter 7, 3,431 were Chapter 11, 102 were Chapter 12 and 1,045 were Chapter 13.
Among consumers, that bankruptcy total came in at 316,158 during the first quarter of this year. That figure represented a jump from the total in the first quarter of last year, which was 236,982. It also shot up from the 2008 fourth quarter total, which was 288,416 nonbusiness filings.
When examined by types of consumer bankruptcies reported in the first quarter of 2009, a total of 223,760 were Chapter 7, 248 were Chapter 11 and 92,150 were Chapter 13.
Highest Per Capita Filing Rate For 12-Month Period Ending March 31 |
Rank | State |
1. | Tennessee |
2. | Nevada |
3. | Alabama |
4. | Georgia |
5. | Indiana |
6. | Michigan |
7. | Ohio |
8. | Kentucky |
9. | Arkansas |
10. | Illinois |
Districts with Highest Percentage Increase in Total Filings For 12-Month Period Ending March 31 |
Rank | District | Percentage Increase |
1. | Central District of California | 92.9 |
2. | District of Delaware | 86.0 |
3. | District of Arizona | 82.5 |
4. | Southern District of California | 74.1 |
5. | District of Nevada | 69.9 |
5. | Eastern District of California | 69.9 |
Districts with Highest Percentage Decrease in Total Filings For 12-Month Period Ending March 31 |
Rank | District | Percentage Decrease |
1. | District of the Northern Mariana Islands | 38.5 |
2. | District of the Virgin Islands | 26.1 |
3. | Middle District of Louisiana | 13.4 |
4. | Southern District of Texas | 4.3 |
Altogether for a 12-month period that ended March 31, a total of 1,202,503 bankruptcies were reported.
"Consumers and businesses are increasingly seeking bankruptcy protection in order to shelter themselves from the financial storms brought on by the current economic climate," explained Samuel Gerdano, executive director of the American Bankruptcy Institute.
"As unemployment figures continue to rise and financing remains elusive, we expect filings to surge past 1.4 million cases by year-end," Gerdano concluded.