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Business Bankruptcies Stabilize in 2010
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Business and Nonbusiness Bankruptcy Filings
The chart compares business and nonbusiness bankruptcy filings for fiscal years 2001 through 2010. The Judiciary’s fiscal year runs October 1 through September 30.
Prior to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, nonbusiness filings rose while business filings remained steady. BAPCPA’s provisions depressed, at least temporarily, nonbusiness bankruptcy filings. In the past few years, both business and nonbusiness filings have risen.
Bankruptcy filings for fiscal year 2010 totaled 1.59 million. Business bankruptcies fell .7 percent in that period, while nonbusiness bankruptcy filings rose 14.4 percent over FY 2009.