The number of borrowers filing bankruptcy eased last month — though filings remained elevated over last year.
Consumer bankruptcy filings totaled 119,874 during August, the American Bankruptcy Institute reported today. Filings fell from 126,434 in July.
In August 2008, there were 96,413 consumer bankruptcies filed.
From Jan. 1 to Aug. 31, approximately 921,659 consumer bankruptcies were filed.
The latest findings, which were derived based on data from the American Bankruptcy Institute, indicated that Chapter 13 filings accounted for 28 percent of August activity. That worked out to around 33,900 Chapter 13 cases, compared to around 35,800 in July.
Chapter 13 filings are available to individuals with regular incomes whose debts fall within allowable limits. Some of the debtor’s future earnings are budgeted under a plan where unsecured creditors are at least partially paid.
The ABI’s more than 12,300 members include lenders, judges and other bankruptcy professionals. The group predicts 1.4 million consumer bankruptcies this year.
