ALEXANDRIA, Va. — A new study from the Administrative Office of the U.S. Courts reveals that Americans 55 and older are filing for bankruptcy at a higher rate than the rest of the population.

Apparently, while many bankruptcies are filed by middle-aged Americans, the percentage of filers ages 55 and over climbed 61 percent from 2002 to 2007, according to study authors John Golmant and James Woods.

"This significant demographic uptick in older bankruptcy filers has outstripped the aging of the general population as a whole," the authors wrote.

The study, which was released in the September issue of ABI Journal, also discovered that the median age for bankruptcy filers increased to 44.9 years of age in 2007, compared with 37.7 years of age in 1994 and 41.4 years of age in 2002.

The demographic that showed the highest drop in bankruptcy filings were Americans under 25 years of age. This population segment accounted for only 1.7 percent of filers in 2007, compared with 4 percent in 2002 and 11 percent in 1994.

"Baby boomers (born from 1946 to 1964) accounted for 42 percent of all filers in 2007. The recent housing crisis has worsened the already precarious financial condition of many older Americans," according to the study.

States that experienced decreases in the home price index showed an 118-percent increase in bankruptcy filings, the study found. The authors explained that this means that the collapse of the housing bubble left many baby boomers with little or no home equity.

The report also pointed out that the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has led to an increase in the percentage of Chapter 13 filings. However, authors indicated it was difficult to gauge whether BAPCPA by itself was causing the trend.

"Another possibility is that due to the mortgage crisis, more debtors were trying to postpone foreclosure on their homes by filing for Chapter 13," the study inferred.

Half-Year Bankruptcies Up 14 Percent Over 2009

In related data, the American Bankruptcy Institute discovered that U.S. bankruptcy filings during the first six months of the year climbed 14 percent over the same six-month time frame in 2009.

Based on data released by the Administrative Office of U.S. Courts, ABI said filings reached 810,209 during the first half of the year, compared with 711,550 cases filed in the same period of 2009.

Officials stressed that this figure represents the highest number of filings for the first six months of a year since 2005 when the new bankruptcy code went into effect.

"Bankruptcy continues to be the last resort for many Americans seeking financial relief from household debt, unemployment and the economic downturn," explained Samuel Gerdano, ABI executive director. "The first half 2010 filings show that bankruptcies are on pace to surpass 1.6 million by year-end."

Business filings decreased 4 percent for the six-month period to 29,059 from the first-half 2009 total of 30,333. Chapter 11 business reorganizations registered the sharpest decrease, as the 6,152 filings during the first half of 2010 represented a 17-percent drop from the 7,396 total Chapter 11 business filings during the first half of 2009.

Chapter 7 business liquidations remained nearly unchanged, as there were 20,385 in the first half of 2010, a half percent increase from the 20,375 business Chapter 7 filings during the same period in 2009.

Filings by individuals or households with consumer debt increased 15 percent to 781,150 for the six-month period ending June 30, 2010, from the 2009 first-half total of 681,217. Meanwhile, consumers filing for Chapter 7 protection increased 17 percent to 571,417 during the first half of 2010 from 489,128. Consumer Chapter 13 filings increased as well, rising 9 percent as 208,778 consumers filed for chapter 13 in the first half of 2010 from 191,458 during the first half of 2009.

The 422,061 total filings for the second calendar quarter 2010 (April 1-June 30) represent an 11-percent increase from the second quarter 2009 filing total of 381,073. Consumer filings increased 12 percent from 365,059 recorded in the second quarter of 2009 to 407,609 filings in the second quarter 2010. Business filings decreased 10 percent from 16,014 in the second quarter 2009 to 14,452 filings in the second quarter of 2010.

The 1,572,597 total filings for the 12-month period ending June 30, 2010, represent a 20-percent increase from the same period in 2009, which totaled 1,306,315.

The bankruptcy filing rate per one thousand U.S. residents totaled 5.05 for all chapters during the 12-month period ending June 30, 2010, as 3.64 Americans per thousand filed for Chapter 7 while 1.36 per thousand filed for Chapter 13 bankruptcy.

Nevada maintained its position as the state with the highest per capita filing rate in the country, with 11.74 residents per thousand filing in all chapters, and also had the highest per capita filing rate for Chapter 7 filings at 8.71.

The state with the highest per capita filing rate for Chapter 13 bankruptcy was Alabama at 4.16 per thousand for the 12-month period ended June 30, 2010.

Non-business filings for the 12-month period were up to 1,521,989, a 21-percent increase from the 1,251,294 total non-business filings over the same period in 2009.

Business filings for the 12-month period totaled 59,608, up 8 percent from the 55,021 bankruptcy petitions filed in the 12-month period ending June 30, 2009.

The 1,133,320 total Chapter 7 filings for the 12-month period represent a 25-percent increase from the 907,603 filings from the same period in 2009.

Total Chapter 11 filings grew 2 percent to 14,272 in the 12-month time frame from 13,951 during the same period in 2009.

Continuing on, total Chapter 13 filings also increased 10 percent to 424,242 in the 12-month period from 384,187 during the same period last year.

Finally, Chapter 12 filings increased 56 percent from 422 in the 12-month period ending June 30, 2009 to 660 for the same period in 2010.