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Bankruptcy Filings Increased over 13 Percent for 2010 Fiscal Year

According to new statistics released on November 8 by the Administrative Office of The United States Courts, bankruptcy cases, including business and non-business, that were filed in federal courts for the 2010 fiscal year (a 12 month period that began on October 1, 2009 and ended on September 30, 2010) topped 1.59 million, which is approximately 13.8 percent more than the total bankruptcy filings in 2009.

Non-business filings for bankruptcy totaled about 1.53 million, which is up an estimated 14.4 percent from 2009, and is the highest number of non-business bankruptcy filings for a fiscal year since 2005. However, business bankruptcy filings somewhat dropped, the first time there has been a decrease since 2006. There was a total of 58,322 business bankruptcies filed during the 2010 fiscal year, which is down seven percent from 2009.

Overall, for the 2010 fiscal year, bankruptcy filings rose in most chapters. Chapter 7 bankruptcy filings totaled approximately 1.14 million, which is up about 15.9 percent from 2009. Chapter 13 bankruptcy filings rose about 9.2; with over 430,000 filings made.

In New Jersey, there were 40,775 total filings for bankruptcy in the 2010 fiscal year. It was a 19.7 percent increase from 2009, when 34,070 bankruptcy filings were made.

Filing for bankruptcy can be a difficult decision and one that shouldn’t be taken lightly. The New Jersey bankruptcy attorneys at the Law Offices of Robert Manchel have experience in dealing with the bankruptcy process in New Jersey. If you need help with the bankruptcy process, our lawyers will examine your particular situation and help you determine whether filing for New Jersey bankruptcy is the right course of action. Call us today at 866-503-5655.

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