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Credit scores, bureaus & technology. Bankruptcty activity. Credit-related lawsuits, announcements and coverage of F a i r Isaac, E q u i f a x, E x p e r i a n, F I C O, V a n t a g e Score & T r a n s Union.


Bankruptcies Ease

102,254 consumer bankruptcies filed during January

Feb. 2, 2010

By MortgageDaily.com staff


This year started off with decline in consumer bankruptcies. But the head of a bankruptcy trade group warns that this year's activity will exceed the swift pace set last year.

Consumer bankruptcy filings during January were 102,254, the American Bankruptcy Institute reported today. Filings fell from 113,274 in December but increased from 88,773 during January 2009.

ABI's more than 12,400 members include attorneys, lenders and other bankruptcy professionals. The report was assembled based on data from the National Bankruptcy Research Center.

The Alexandria, Va.-based trade group's executive director, Samuel J. Gerdano, said that despite January's decline, "high unemployment rates, unsustainable mortgage burdens and other economic stresses will push more consumers to seek the financial relief of bankruptcy in 2010."

ABI predicts this year's consumer filings will exceed the 1.4 million reported for last year.

Chapter 13 filings accounted for 30 percent of last month's activity, representing around 30,700 bankruptcies. During December, the share was 28 percent -- representing around 31,700 cases.

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