2005 Record Breaking Number of BK

Community Leader
Registered: 03-17-2003
2005 Record Breaking Number of BK
Wed, 02-01-2006 - 5:35pm

December 1 , 2005 — Bankruptcy cases filed in federal courts grew 10 percent in fiscal year 2005, according to the Administrative Office of the U.S. Courts—rising to the highest number of bankruptcies ever filed.

(Source: http://www.uscourts.gov/Press_Releases/bankruptcyfilings120105.html )


During the 12-month period ending September 30, 2005, 1,782,643 bankruptcies were filed, up from the 1,618,987 bankruptcy cases filed in fiscal year 2004.

Filings for the 3-month period from June 30, 2005 to September 30, 2005, also were the highest number filed for any quarter in the history of bankruptcy, totaling 542,002. The large number of filings is due to the many individuals who filed for bankruptcy before October 17, 2005, the implementation date of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

The federal Judiciary's fiscal year is the 12-month period ending September 30. The bankruptcies reported are for October 1, 2004 through September 30, 2005.

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Personal Bankruptcy Filings by Chapter of the Bankruptcy Code
12-Month Periods Ending September 30

Year..........Chap 7.............Chap 13
2005----------1,346,201----------429,316
2004----------1,153,865----------454,412
2003----------1,177,292----------473,763
2002----------1,084,336----------451,258
2001----------1,014,137----------412,272