Bankruptcy Law, Timothy Kingcade Posts

More Repeat Bankruptcy Filers in 2012

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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