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Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.

Bankruptcy Filings Fall

Non-commercial bankruptcies drop 14% between October and November

Dec. 6, 2012

By Mortgage Daily staff

Fewer consumers resorted to bankruptcy last month, though it was enough to push year-to-date total filings past a million. This year's filings are on track to be the lowest in more than four years.

U.S. bankruptcy courts were hit with 86,946 new case filings in November.

Activity was lower than in October, when total bankruptcy filings were 101,307. During the same month in 2011, bankruptcy filings totaled 98,534.

The American Bankruptcy Institute reported the numbers based on data provided by Epiq Systems Inc. ABI's 13,000 members include bankers, lenders and people in the legal profession who specialize in bankruptcies.

During the first 11 months of 2012, there were 1,109,443 bankruptcy filings.

"November continued the trend of declining bankruptcies in the wake of a sustained drop in consumer spending on credit," ABI Executive Director Samuel J. Gerdano said in the report. "We are on pace for the lowest total new bankruptcies since before the financial crisis in 2008."

The non-commercial portion of last month's filings worked out to 82,747 bankruptcies.

Non-commercial filings totaled 96,507 a month earlier and 93,318 a year earlier.

During the 11 months ended Nov. 30, non-commercial bankruptcies amounted to 1,055,714.

November's year-to-date per-capita rate was 3.91 filings per one thousand in U.S. population.

In Tennessee, the year-to-date per-capita rate was 7.01, higher than any other state. Next was Nevada, where the rate was 6.61. Georgia's 6.49 rate followed, then 5.96 in Alabama and 5.92 in Utah.

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