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2012 Bankruptcies on Track for Post-Crisis Low

Noncommercial bankruptcy filings fall 9% in June

July 6, 2012

By MortgageDaily.com staff


Last month, 9 percent fewer non-business bankruptcies were filed than during the previous month. At the current rate, overall bankruptcy filings are on track to fall to the lowest level since the financial crisis erupted in 2008.

The United States saw 94,437 noncommercial bankruptcy filings during the month of June.

That was a substantial decline from the 104,133 bankruptcies filed in May.

From Jan. 1 through June 30, filings totaled 601,184, according to the American Bankruptcy Institute. At the first-half rate, around 1.2 million noncommercial filings are likely for the entire year.

"We are on pace for perhaps the lowest total new bankruptcies since before the financial crisis in 2008," ABI Executive Director Samuel J. Gerdano said in the report of total filings including commercial bankruptcies. "With sustained low interest rates and weak consumer spending, we expect bankruptcies to stay at relatively low levels through the end of 2012."

Bankruptcy filings totaled 114,162 during June 2011.

Nevada's 7.06 per-capita rate in the first six months of 2012 was the highest in the nation, according to ABI -- which gets its data from Epiq Systems Inc. Tennessee followed with a 6.99 per capita rate, then 6.49 in Georgia.

ABI says it has more than 13,000 members including people in financial services businesses, the legal profession and education.

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