ABI: 2011 Begins with Double-Digit Filing Rise
ALEXANDRIA, Va. — Consumer bankruptcy filings have started on an upward trend this year, climbing by double digits month-over-month.
The American Bankruptcy Institute revealed that February's total reached 102,686 filings, up from the 92,669 consumer filings recorded in January. The exact figures came from data compiled by the National Bankruptcy Research Center.
The climb from January to February marked an 11-percent rise.
However, ABI pointed out that the February total marks an 8-percent decrease from the amount filed during the same month last year. In February 2010, there were 111,693 filings.
In regards to February's amount, the institute also noted that Chapter 13 filings constituted 30 percent of all consumer cases, a slight decrease from January.
"Though consumers are striving to reduce their debt burden, high unemployment and a still-poor housing sector continue to fuel new bankruptcies," stated ABI executive director Samuel Gerdano.
"We expect these factors to lead to over 1.5 million consumer filings this year," Gerdano predicted.