Bankruptcy

Bankruptcy Rate Drops in November

By Chris Kramer

The number of Americans filing bankruptcy fell in November, according to the American Bankruptcy Institute, but the number remains above last year's filings.

A total 112,152 consumer bankruptcy petitions were filed in November, down 18% from the 132,749 filed in October. Even though the U.S. Courts were open fewer days in November, the number shows the bankruptcy rate slowing, though moderately.

The average daily filing was 6321 in October, and 5903 in November.

Still, the November statistic remains 12% above the November 2008 bankruptcy figure, when 99,925 consumers filed.

A chart at the Calculated Risk Blog predicts that total filings for the fourth quarter of 2009 will come in slightly below Q3. If December continues the downward trend, it would be the first time that quarterly filings decreased since the new bankruptcy law took effect in the third quarter of 2005.

Full post as published by The Bankruptcy Blog on December 02, 2009 (boomark / email).