Data Shows Increase in Total U.S. Bankruptcy Filings

New statistics made available by the Administrative Office of the U.S.  Courts have shown there was an overall increase in bankruptcy filings in 2009 compared to 2008. Here is a brief overview of the recently released data:

• The total bankruptcy filings increased by 32% in 2009 compared to 2008.
• There were 1,473,675 total bankruptcy filings in 2009, which includes both consumer and business bankruptcies. That's 350,034 more filings than there were in 2008.
• There were 60,837 total business bankruptcies in 2009, the highest number of filings since 62,304 filings were made in 1993. This represents a 40% increase in business bankruptcy from 2008.
• There was a total of 1,412,838 consumer bankruptcy filings, which represents a 32% increase from 2008.
• There was a total of 1,008,870 Chapter 7 bankruptcy filings in 2008, which equals a 41% percent increase from 2008.
• There were 402,462 Chapter 13 bankruptcy filings in 2009, which comprised 28% of the total bankruptcy filings for the year. There was 12% more Chapter 13 filings in 2009 than there were in 2008.
• There were less total bankruptcy filings in the fourth quarter of 2009 than in the third quarter of 2009, but there were 24% more total bankruptcy filings in the fourth quarter of 2009 than there were in the fourth quarter of 2008.

If you are struggling under more debt than you can handle and are considering filing for bankruptcy, we invite you to contact the Malaise Law Firm. As you can see, you are not the only one experiencing financial hardship. Countless individuals and businesses throughout the country have fallen on hard times, and have turned to bankruptcy to help manage their debt. If you are interested in learning more about filing for bankruptcy, an experienced San Antonio bankruptcy lawyer at our office is available to discuss your situation and review your debt relief options at a free consultation. To schedule your consultation, please call (800) BANKRUPT!