WASHINGTON — Even though bankruptcy filings were down year-over-year as of Sept. 30, September filings were the highest in the last 12 months.
Bankruptcy cases filed in federal courts totaled 801,269 for the 12-month period ending Sept. 30, which was down 28% from 1,112,542 filings at the same time last year, according to the Administrative Office of the U.S. Courts. However, September represented the highest number of filings since September 2006 and the quarter ending Sept. 30 saw a 28% jump in filings.
Bankruptcy filings fell dramatically last year after the implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Bankruptcy filings have been on the rise throughout fiscal year 2007 (Oct. 1, 2006 through Sept. 30, 2007) though they remain relatively low.
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