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Bankruptcy Filings Fall 14 Percent for the First Half of 2013
Tuesday, July 9, 2013 7:15 AM

Total bankruptcy filings totaled 544,390 nationwide during the first six months of 2013 (Jan. 1-June 30), a 14 percent decrease from the 632,541 total filings during the same period a year ago, the American Bankruptcy Institute Reports.

The 520,919 total noncommercial filings for the first half of 2013 represented a 13 percent drop from the noncommercial filing total of 601,453 for the first half of 2012. Total commercial filings during the first six months of the year were 23,471, representing a 25 percent decrease from the 31,088 filings during the same period in 2012. Commercial chapter 11 filings also fell during the first half of 2013 as the 3,445 filings represented a 16 percent decrease from the 4,120 commercial chapter 11 filings during the first six months of 2012.

The 83,580 total bankruptcy filings for the month of June represented a 16 percent decrease compared to the 99,162 filings in June 2012. The 80,122 total noncommercial filings for June represented a 15 percent drop from the June 2012 noncommercial filing total of 94,485. Total commercial filings for June 2013 were 3,458, representing a 26 percent decrease from the 4,677 filings during the same period in 2012. Commercial chapter 11 filings registered a 9 percent drop as the 547 commercial chapter 11 filings in June 2012 fell to 496 in June 2013.

The average nationwide per capita bankruptcy filing rate for the first six calendar months of 2013 (Jan. 1-June 30) decreased slightly to 3.51 (total filings per 1,000 per population) from the 3.57 rate for the first five months of the year, and the average total filings per day in June 2013 was 2,786, a 16 percent decrease from the 3,305 total daily filings in June 2012.

Helpful Resources: The Cornerstone Credit Union League’s (TCUL) in-demand Bankruptcy and Collections seminar, Aug. 13-14 in Houston.  Presented by well-known and highly respected attorneys Charles Williams and Mike Blalack of Blalack & Williams, seminar attendees will learn practical and proactive strategies to help them maximize recovery and minimize loss and risk. Seating is limited so early registration is encouraged. Visit http://www.cornerstoneleague.coop/bankruptcy_collections_seminars.html.

Educational grants are available through the Cornerstone Credit Union Foundation. To learn more, please visit http://www.cscuf.coop/.