WASHINGTON — Bankruptcy filings for the 12-month period ending June 30, 2007 increased from the 12-month periods ending in March 2007 and December 2006.
According to the Administrative Offices of the U.S. Courts, bankruptcy filings in the federal courts reached 751,056 cases for the 12-month period ending June 30. This figure was up from the 12-month periods ending March 2007 (695,575 cases) and December 2006 (617,660). However, the June 2007 number was about half the 1,484,570 cases filed in the 12-month period ending June 2006, which included the rush of filings leading up to bankruptcy reform implementation in October 2005. CUNA and NAFCU lobbied hard for the bankruptcy reform legislation for about a decade.
For the quarter ending June 30, 2007, the third fiscal quarter for the U.S. Courts, filings totaled 210,449, up 35% from the 155,833 during the same quarter last year. The first fiscal quarter filings totaled 177,599 and second quarter came to 193,641 filings.
Personal bankruptcy filings comprised 727,167 of the total filings for the 12-month period ending June 30, 2007. Of all the bankruptcy filings during that time frame, 450,332 were Chapter 7 filings (down 61% from the previous year) and 294,693 were Chapter 13 filings (down 6%). Part of the aim of the reform legislation was to push more filers from Chapter 7, which allows a consumer to eliminate most all debt, to Chapter 13 repayments plans.
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