Personal Bankruptcies Increase 9% from 2009

People declaring Bankruptcy increased 9% to over 1.53 million in 2010.

The data showed that the overall consumer filing total for the 2010 calendar year (Jan. 1 – Dec. 31, 2010) reached 1,530,078 compared to the 1,407,788 total consumer filings recorded during 2009. Annual consumer filings have increased each year since the Bankruptcy Abuse Prevention and Consumer Prevention Act was enacted in 2005.

It is expected filings to increase in 2011.

NBKRC’s data also showed that the 118,146 consumer filings recorded in December 2010 represented a 4 percent increase from the 113,274 filings in December 2009. The December 2010 consumer filings also represented a 3 percent increase from the November 2010 total of 114,587. Chapter 13 filings constituted 30 percent of all consumer cases in December, a slight increase from November.

The Wall Street Journal dug out the percentage increase in bankruptcies by State. Hawaii had the largest increase in bankruptcies, 28.9%, from last year. California has a 25% rise in bankruptcy filings and Utah increased 24.4%.

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