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Tuesday, 9th June 2009

Bankruptcy Filings Continue to Rise

Bankruptcy Filings Continue to Rise
Source: U.S. Courts
Bankruptcy filings for the 12-month period ending March 31, 2009, were up 33.3 percent over bankruptcy filings for the 12-month period ending March 31, 2008, according to statistics released today by the Administrative Office of the U.S. Courts. March 2009 bankruptcy filings totaled 1,202,503, compared to the total 901,927 bankruptcy cases filed in the 12-month period ending March 31, 2008. The largest percentage increase occurred in Chapter 11 filings, a 69.1 percent increase over March 2008 Chapter 11 filings.

A significant decline in bankruptcy filings occurred in October 2006, when many of the provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) took effect. Bankruptcy filings have risen steadily since then and the March 2009 total filings are the highest since BAPCA was implemented.

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