Rise In Bankruptcy Filings Registered For FY 95

For the fiscal year that ended on September 30, 1995, bankruptcy filings in federal courts increased when compared to the same 12-month period in 1994. According to statistics released by the Administrative Office, 883,457 bankruptcy cases were filed in federal bankruptcy court in FY 95 for a 5.5 percent increase over FY 1994, when 837,797 cases were filed. In the 3-month period ended September 30, 1995, filings totaled 233,593, up from the 208,187 bankruptcy cases filed during the quarter ended September 30, 1994. Over the last three years, year-end bankruptcy filings have fluctuated; with filings dropping to 897,231 in 1993, to 837,797 in 1994, and increasing to 883,457 in 1995. This is different from what occurred from 1988 to 1992 when bankruptcy filings increased rapidly, going from 604,759 cases in 1988 and reaching 977,478 cases by 1992. Of the total number of bankruptcy cases filed in the 12-month period ending September 30, 1995, there were 598,250 Chapter 7 cases, up from the 571,971 Chapter 7 cases filed in the same period in FY 94. The next largest group of bankruptcy filings was under Chapter 13, totaling 271,650, up from the 248,942 chapter 13 cases filed in the 12-month period FY 94. Chapters 11 and 12 showed a decline in FY 95. The increase in total bankruptcy filings was the result of increased non-business or consumer filings, which more than offset a slight drop in business bankruptcy filings. ----- from The Third Branch -- January 1996 ----- Brought to you by - The 'Lectric Law Library The Net's Finest Legal Resource For Legal Pros & Laypeople Alike. http://www.lectlaw.com