1.1 million Americans filed for bankruptcy this past year, and for many it was not their first time. These filers had a median monthly income of $2,743 and most filed under Chapter 7. An annual report by the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) released the following data:
o Approximately 69 percent of consumer bankruptcy petitions filed in 2012 were filed under chapter 7, down from 70 percent in 2011.
o In 30 percent of the chapter 13 cases filed during 2012, debtors reported that they had filed for bankruptcy protection during the previous eight years, 2 percent more than in 2011.
o Consumer debtors seeking bankruptcy protection reported holding total assets in the aggregate amount of $140 billion. Total assets reported fell 18 percent over the comparable 2011 numbers. Aggregated liabilities totaled $218 billion, falling 22 percent over comparable data for 2011.
o Median average monthly income reported by all debtors was $2,743, one percent lower than in 2011. Filers in the Northern District of California had the highest median average monthly income at $3,673.
o Median average monthly expenses for individuals that filed were $2,769. Filers in the U.S. Virgin Islands had the highest median average expenses with $4,715.
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