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Chapter 13 Bankruptcies Grow

124,838 consumer bankruptcies filed in May

June 4, 2009

By MortgageDaily.com staff


As consumer bankruptcy filings eased, Chapter 13 filings increased.

Last month, 124,838 consumer bankruptcies were filed, the American Bankruptcy Institute reported this week.

Filings fell from 125,618 during April but were higher than 91,214 in May 2008.

Members of the Alexandria, Va.-based organization include more than 12,000 attorneys, judges, lenders and other bankruptcy professionals. The findings were derived from data released by the National Bankruptcy Research Center.

So far during 2009, 558,986 consumer bankruptcies have been filed. The ABI projects 1.4 million filings will have been made by Dec. 31.

Chapter 13 filings accounted for 27 percent of May's activity -- or roughly 33,700 filings, according to the report. April's Chapter 13 filings totaled around 32,700, while around 30,100 Chapter 13 filings were made during May 2008.

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