Mortgage Daily

Published On: November 3, 2016

For the second month in a row, fewer U.S. consumers resorted to U.S. Bankruptcy Courts to absolve themselves of debt.

Total bankruptcy filings, including commercial and non-commercial filings, amounted to 63,042 during the month of October.

Filings fell from an upwardly revised 64,614 the prior month and also lower than an upwardly revised 70,254 a year prior.

The 12,000-member American Bankruptcy Institute released the latest data Thursday.

Despite the month-over-month and year-over-year improvements, ABI
Executive Director Samuel J. Gerdano noted in the report that year-to-date commercial activity has worsened.

“With financial distress continuing in energy and retail, 2016 business bankruptcies have already surpassed the total registered last year,” Gerdano stated.

Last month’s per-capita rate was 2.53 total bankruptcy filings per thousand in U.S. population.

October’s per-capita rate was highest in Tennessee: 5.66. Alabama’s 5.53 was next, then Georgia’s 4.81, Illinois’ 4.44 and Utah’s 4.16.

Of interest to the mortgage industry are consumer bankruptcy filings, which came to 60,019 as of the most-recent month.

Non-commercial filings fell from the
downwardly revised 61,503 in September and the upwardly revised 67,763 in October 2015.

During the 10 months ended Oct. 31, 2016, there have been
624,242 non-commercial bankruptcy filings, according to historical data previously reported by ABI.

FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator

Tags

Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Days with Today’s Latest Rates

Mortgage

Today’s rates starting at

4.63%

5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at

4.75%

30 YEAR FIXED
$200,000 LOAN

Home Equity

Today’s rates starting at

3.99%

3 YEAR
$200,000 LOAN

HELOC

Today’s rates starting at

2.24%

30 YEAR FIXED
$200,000 LOAN