Bankruptcy Filings Climbed 38% in 2007

Bankruptcy filings in U.S. federal courts rose 38% in calendar year 2007,
according to data released  by the Administrative Office of the U.S.
Courts, Washington, D.C.

The number of bankruptcies filed in 12 months ended Dec. 31, 2007, totaled
850,912, compared with 617,660 bankruptcies filed in calendar year 2006.

Filings rebounded from a 70% drop in 2006, which was the first full 12-month
period after the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
took effect.

Filings involving predominantly business debts totaled 28,322 last year,
increasing 44% from the 19,695 business filings in 2006. Business filings
totaled 39,201 in 2005, the office reports.

  • Chapter 7 filings totaled 519,364, up 44% from 360,890 in 2006.
  • Chapter 11 filings rose 23% to 6,353 in 2007 from 5,163 in 2006.
  • Chapter 12 filings totaled 376, up 8% from 348 in 2006.
  • Chapter 13 filings were 324,771, up 29% from 251,179 in 2006.

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