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Bankruptcy Filings Top 100,000 in October

20 percent increase from September

November 5, 2008

The overall October consumer filing total of 106,266 also represented a 20 percent increase from September. Chapter 13 filings, available for an individual with regular income whose debts do not exceed specific amounts, constituted 32.6 percent of all consumer cases in October -- a slight decrease from September.

The October consumer filing total also represents the first time that bankruptcies have topped 100,000 since the Bankruptcy Abuse Prevention and Consumer Protection Act went into effect in October 2005.

The 880,076 consumer filings through the first 10 months of 2008 (Jan. 1 - Oct. 31) have already eclipsed the filing total of 822,590 for all of last year.

"October's sharp spike in new consumer bankruptcies confirms the severe financial stress on household budgets caused by high debts, flat incomes, and declining home values," said ABI Executive Director Samuel J. Gerdano. "We expect the 2008 numbers to be the highest since the new bankruptcy law went into effect in 2005."

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