Oklahoma Bankers Association
OBA News and Information
Linked In Email News

Bankruptcy filings increase

At the end of the First Quarter, bankruptcy filings are up by nearly 30 percent over the same time period a year earlier. 

According to the Administrative Office of the U.S. Courts, there were 901,927 cases filed between 3/31/2007 and 3/31/2008, compared to 695,575 cases between 3/31/2006 and 3/31/2007. 

There was an initial drop in filings after the changes were made by Congress and became effective in October, 2005.  But those filings have gradually increased, and the odds are they are likely to continue their climb as the economy continues to worsen.

Most bankruptcy filings involve consumer debts.  Personal filings were up to 871,186 compared to 673,615 in the earlier period.  Chapter 12 (Farm bankruptcies) was the only area that did not see an increase in the numbers at the end of the First Quarter.

Back to top