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Bankruptcy Filings Rebound in 2007
Bankruptcy filings in the federal courts rose 38 percent in calendar year 2007. The number of bankruptcies filed in the twelve-month period ending December 31, 2007, totaled 850,912, up from 617,660 bankruptcies filed in calendar year 2006. Filings rebounded from a 70 percent drop in calendar year 2006, which was the first full 12-month period after the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) took effect.
An historic high in the number of bankruptcies filings was seen in calendar year 2005, when over 2 million bankruptcies were filed, mainly because, in October of 2005, many of the provisions of BAPCPA were enacted. Filings fell through 2006, but started their gradual climb back up in 2007.