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Bankruptcy Filings Soar

March consumer bankruptcy filings climb by quarter from February

April 3, 2013

By Mortgage Daily staff

The number of non-commercial borrowers who resorted to bankruptcy last month leapt by more than a quarter from the previous month.

Bankruptcy filings, including commercial and consumer filings, totaled 102,627 during March.

Activity reflected chapter 7 liquidation filings, reorganization filings under chapter 11 of the Bankruptcy Code and payment plans made under chapter 13 of the Bankruptcy Code.

Filings jumped from February, when the total was a revised 82,304.

However, the elevated level of filings was still less than in March 2012, when a revised 122,238 bankruptcies were filed.

The statistics were reported by the American Bankruptcy Institute, which derived the numbers from data supplied by Epiq Systems Inc.

Non-commercial bankruptcies accounted for 98,553 of March's filings.

Consumer activity soared from a month earlier, when filings totaled a revised 78,603.

But like overall bankruptcy activity, non-commercial filings were lower than in March 2012, when the total was 116,537.

During the first three months of 2013, non-commercial bankruptcy filings amounted to 251,995 bankruptcies.

The first-quarter per-capita rate, including commercial and non-commercial filings, was 3.40 total bankruptcy filings per 1,000 in population, worse than the 3.11 per-capita rate in the first two months of 2013.

Tennessee's 6.70 per-capita filing rate was the worst of any state. Georgia, Alabama, Illinois and Nevada all had per-capita rates in excess of five filings per thousand consumers.

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