Bankruptcy Filings Down 14 Percent In FY 2012 From FY 2011, AOUSC Says
- Key Development: Bankruptcy cases filed in federal courts for fiscal year 2012, the 12-month period ending Sept. 30, totaled 1,261,140, down 14 percent from the 1,467,221 bankruptcy cases filed in FY 2011, the Administrative Office of the U.S. Courts says.
- Key Takeway: Bankruptcy filings fell for all chapters: 16 percent for Chapter 7 filings, 12 percent for Chapter 11 filings, 20 percent for Chapter 12 filings, and 10 percent for Chapter 13 filings.
By Diane Davis
Bankruptcy cases filed in federal courts for Fiscal Year 2012, the 12-month period ending Sept. 30, totaled 1,261,140, down 14 percent from the 1,467,221 bankruptcy cases filed in FY 2011, according to statistics released Nov. 7 by the Administrative Office of the U.S. Courts.
Business, Non-Business Filings
For the 12-month period ending Sept. 30, business bankruptcy filings–those where the debtor is a corporation or partnership, or the debt is predominantly related to the operation of a business–totaled 42,008, down 16 percent from the 49,895 business filings reported in the 12-month period ending Sept. 30, 2011, according to the AOUSC statistics.
Non-business bankruptcy filings totaled 1,219,132, which is down 14 percent from the 1,417,326 non-business bankruptcy filings in September 2011.
Breakdown by Chapter
In FY 2012, filings fell for all bankruptcy chapters:
- Chapter 7 filings in FY 2012 totaled 874,337, down 16 percent from the 1,036,950 Chapter 7 filings in FY 2011.
- Chapter 11 filings fell to 10,597, down 12 percent from the 11,979 Chapter 11 filings reported in FY 2011.
- Chapter 12 filings fell to 541, down 20 percent from the 676 Chapter 12 filings in FY 2011.
- Chapter 13 filings fell 10 percent, from 417,503 in FY 2011 to 375,521 in FY 2012.
Fourth Quarter Filings
The three-month period ending Sept. 30, was the Judiciary’s final quarter of FY 2012. Total bankruptcy filings in the fourth quarter totaled 298,224, down 16 percent from the 348,635 bankruptcy cases filed in the final quarter of FY 2011.
According to the AOUSC statistics, the total number of bankruptcy filings in the fourth quarter broken down by chapter are as follows:
- 202,336 in total Chapter 7 filings;
- 2,364 in total Chapter 11 filings;
- 118 in total Chapter 12 filings; and
- 93,386 in total Chapter 13 filings.
The total number of business filings in the fourth quarter was 9,248, and the total number of non-business filings was 195,979, according to the AOUSC statistics.
By Diane Davis
Full text of the AOUSC’s news release with the bankruptcy filing data is available at: http://news.uscourts.gov/bankruptcy-filings-down-fiscal-year-2012.