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January 2011

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This article is in the news archives --- for current news go to the Third Branch News.


The Bankruptcy Courts

Filings of petitions for bankruptcy totaled 1,596,355, a 14 percent increase over the previous year’s filings and the highest number received since 2005, the last full year before the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 took effect. Filings rose in 73 of the 90 bankruptcy courts. Although business petitions fell 1 percent, nonbusiness petitions grew 14 percent. Bankruptcy filings increased by 16 percent under Chapter 7, fell by 4 percent under Chapter 11, and grew by 9 percent under Chapter 13.