Bankruptcy filings for the twelve months ending June 30th hit an all-time record of 1.5 million. One year ago, annual filings totaled 1,386,606. Bankruptcy filings first broke one million during the 12-month period ending June 30, 1996. According to Administrative Office of the U.S. Courts there were 1,466,105 personal bankruptcy filings over the past twelve months, an 8.5% increase over the previous year. There were 1,053,320 Chapter 7 filings during the past year. On a quarterly basis, total bankruptcy filings were only up slightly, from 400,394 for 2Q/01 to 400,686 for the second quarter of 2002. Most credit card issuers are preparing for a spike in personal bankruptcy filings if the bankruptcy reform legislation is passed by Congress.
BANKRUPTCY FILINGS TRACK RECORD
(For Second Calendar Quarter of Each Year)
1991: 246,496 1996: 297,162 2001: 400,394
1992: 250,622 1997: 367,168 2002: 400,686
1993: 229,406 1998: 373,460
1994: 216,213 1999: 345,956
1995: 235,302 2000: 321,729
Source: Administrative Office of the U.S. Courts
