.jpg){kind=spacer}
SEPTEMBER 2004
Bankruptcy Filings Gradually Diminish
In its recent report on bankruptcy filing trends through the second quarter of 2004, the Administrative Office of the U.S. Courts confirmed that, for the first time since 2000, bankruptcies declined during a 12 month period. The total number of personal bankruptcies filed for the 12-month period ending June 30, 2004 was 1,599, 986, down 0.8 percent from the period ending one year earlier. The drop isn't large, but is welcome. Sam Gerdano, the executive director of the American Bankruptcy Institute (Alexandria, VA) told the American Banker, "Consumer bankruptcy filings appear to have turned a corner. . . Improving economic conditions and low interest rates are permitting more families to clean up their household balance sheets."
During the 12 months ending June 30, 2004, chapter 7 bankruptcies comprised 71.7 percent of personal filings, as they have for more than a decade. Out of 91 bankruptcy judicial districts in the U.S. and Puerto Rico, 43 experienced year-over-year declines in filing volume during the period. The table below provides detailed statistics on the number of filings and growth rates by judicial district. The accompanying chart displays the year-over-year rate of change in personal bankruptcy filing rates, by quarter. Note the continued quarterly improvement in the filing rate. Second quarter 2004 personal bankruptcy petitions were 4.2 percent lower than during the second quarter of 2003.
|
Personal Bankruptcies by State and Judicial District for the 12-Month Period Ending June 30, 2004 | |||
|---|---|---|---|
Total Filings as of 6/30/2004 |
% Change in Total 6/30/2003-6/30/2004 |
% Chapter 7 as of 6/30/2004 | |
| Total | 1,599,986 |
-0.8% |
71.7% |
| Alabama | 42,149 |
1.2% |
49.6% |
| Middle | 8,444 |
-6.1% |
48.9% |
| North | 26,096 |
3.0% |
52.4% |
| South | 7,609 |
3.9% |
40.5% |
| Alaska | 1,396 |
-2.5% |
90.3% |
| Arizona | 31,265 |
1.1% |
82.0% |
| Arkansas | 23,787 |
-1.1% |
59.4% |
| East | 15,262 |
-1.1% |
54.1% |
| West | 8,525 |
-1.0% |
69.0% |
| California | 128,319 |
-10.8% |
84.8% |
| Central | 66,577 |
-16.2% |
88.6% |
| East | 28,934 |
-6.1% |
84.9% |
| North | 21,561 |
1.4% |
73.4% |
| South | 11,247 |
-8.5% |
84.3% |
| Colorado | 26,649 |
12.3% |
89.5% |
| Connecticut | 11,690 |
-2.6% |
82.6% |
| District of Columbia | 2,036 |
-16.4% |
73.2% |
| Delaware | 3,373 |
0.2% |
58.7% |
| Florida | 90,840 |
-2.6% |
74.3% |
| Middle | 54,791 |
0.9% |
72.8% |
| North | 6,904 |
0.3% |
80.3% |
| South | 29,145 |
-9.2% |
75.8% |
| Georgia | 77,919 |
-0.9% |
46.2% |
| Middle | 17,793 |
-3.3% |
46.0% |
| North | 44,061 |
-0.9% |
53.1% |
| South | 16,065 |
1.8% |
27.6% |
| Hawaii | 3,414 |
-16.1% |
87.4% |
| Idaho | 9,451 |
4.0% |
87.6% |
| Illinois | 80,454 |
-6.2% |
75.7% |
| Central | 15,677 |
-3.8% |
85.8% |
| North | 55,076 |
-8.3% |
73.5% |
| South | 9,701 |
2.8% |
71.7% |
| Indiana | 55,110 |
0.8% |
80.1% |
| North | 20,927 |
-0.9% |
83.6% |
| South | 34,183 |
2.0% |
78.0% |
| Iowa | 12,630 |
5.1% |
95.6% |
| North | 4,775 |
1.0% |
96.6% |
| South | 7,855 |
7.8% |
94.9% |
| Kansas | 16,052 |
2.1% |
80.6% |
| Kentucky | 28,916 |
2.3% |
81.5% |
| East | 13,155 |
4.1% |
84.6% |
| West | 15,761 |
0.8% |
78.9% |
| Louisiana | 29,623 |
6.2% |
61.6% |
| East | 9,984 |
0.4% |
67.6% |
| Middle | 4,199 |
10.4% |
69.8% |
| West | 15,440 |
9.1% |
55.5% |
| Maine | 4,497 |
-0.1% |
90.3% |
| Maryland | 31,588 |
-9.5% |
68.6% |
| Massachusetts | 17,823 |
1.3% |
86.0% |
| Michigan | 62,339 |
3.8% |
70.9% |
| East | 45,677 |
4.6% |
68.1% |
| West | 16,662 |
1.7% |
78.7% |
| Minnesota | 17,665 |
-7.4% |
81.3% |
| Mississippi | 20,998 |
-7.4% |
68.6% |
| North | 8,046 |
-3.0% |
71.1% |
| South | 12,952 |
-9.9% |
67.0% |
| Missouri | 37,608 |
2.0% |
73.8% |
| East | 20,024 |
1.8% |
67.4% |
| West | 17,584 |
2.1% |
81.1% |
| Montana | 4,336 |
4.5% |
89.3% |
| Nebraska | 8,612 |
6.9% |
78.1% |
| Nevada | 19,152 |
-5.3% |
76.8% |
| New Hampshire | 4,332 |
5.0% |
89.5% |
| New Jersey | 41,783 |
1.2% |
65.3% |
| New Mexico | 8,676 |
-6.2% |
91.5% |
| New York | 76,008 |
4.5% |
80.8% |
| East | 26,562 |
2.6% |
80.2% |
| North | 17,414 |
3.8% |
78.3% |
| South | 17,255 |
7.8% |
88.0% |
| West | 14,777 |
4.9% |
76.3% |
| North Carolina | 37,180 |
-2.4% |
50.0% |
| East | 15,047 |
-3.7% |
49.6% |
| Middle | 12,051 |
-2.2% |
46.2% |
| West | 10,082 |
-0.6% |
55.2% |
| North Dakota | 2,217 |
4.3% |
95.2% |
| Ohio | 89,536 |
6.7% |
79.4% |
| North | 47,955 |
6.4% |
82.7% |
| South | 41,581 |
6.9% |
75.7% |
| Oklahoma | 26,630 |
4.8% |
88.9% |
| East | 4,975 |
-1.0% |
92.3% |
| North | 7,538 |
8.6% |
90.6% |
| West | 14,117 |
4.9% |
86.9% |
| Oregon | 23,748 |
-0.6% |
85.6% |
| Pennsylvania | 57,937 |
2.1% |
69.1% |
| East | 24,319 |
-4.9% |
56.3% |
| Middle | 13,905 |
5.8% |
75.7% |
| West | 19,713 |
9.5% |
80.3% |
| Rhode Island | 4,238 |
-10.8% |
92.6% |
| South Carolina | 15,763 |
-0.1% |
42.9% |
| South Dakota | 2,823 |
5.4% |
93.3% |
| Tennessee | 62,381 |
-4.3% |
49.0% |
| East | 19,796 |
-1.5% |
64.1% |
| Middle | 15,660 |
-3.8% |
59.8% |
| West | 26,925 |
-6.6% |
31.6% |
| Texas | 88,969 |
4.3% |
53.3% |
| East | 12,720 |
-0.2% |
59.3% |
| North | 30,844 |
5.6% |
49.2% |
| South | 25,113 |
5.3% |
52.1% |
| West | 20,292 |
4.1% |
57.3% |
| Utah | 20,847 |
-6.3% |
69.2% |
| Vermont | 1,760 |
-3.5% |
86.8% |
| Virginia | 41,166 |
-4.5% |
73.3% |
| East | 29,093 |
-5.0% |
70.0% |
| West | 12,073 |
-3.3% |
81.3% |
| Washington | 39,376 |
-1.5% |
80.0% |
| East | 9,786 |
-5.9% |
78.6% |
| West | 29,590 |
0.1% |
80.4% |
| West Virginia | 11,074 |
3.8% |
94.8% |
| North | 4,485 |
-1.2% |
94.8% |
| South | 6,589 |
7.5% |
94.8% |
| Wisconsin | 27,020 |
0.2% |
83.3% |
| East | 18,303 |
-0.2% |
81.3% |
| West | 8,717 |
1.1% |
87.4% |
| Wyoming | 2,387 |
-1.1% |
92.3% |
| Guam | 351 |
7.3% |
90.9% |
| NMI | 14 |
-17.6% |
100.0% |
| Puerto Rico | 14,042 |
4.6% |
30.7% |
| Virgin Islands | 37 |
-28.8% |
40.5% |
| Circuit | |||
| 1st | 44,932 |
1.2% |
70.1% |
| 2nd | 89,458 |
3.3% |
81.1% |
| 3rd | 103,130 |
1.7% |
67.2% |
| 4th | 136,771 |
-4.0% |
64.1% |
| 5th | 139,590 |
2.7% |
57.4% |
| 6th | 243,172 |
2.4% |
69.7% |
| 7th | 162,584 |
-2.9% |
78.5% |
| 8th | 105,342 |
0.4% |
75.8% |
| 9th | 260,822 |
-6.1% |
83.5% |
| 10th | 101,241 |
2.5% |
84.0% |
| 11th | 210,908 |
-1.2% |
59.0% |
| States and Territories in Each Circuit: | |||
| 1st: ME, MA, NH, RI, PR | |||
| 2nd: CT, NY, VT | |||
| 3rd: DE, NJ, PA, VI | |||
| 4th: MD, NC, SC, VA, WV | |||
| 5th: LA, MS, TX | |||
| 6th: KY, MI, OH, TN | |||
| 7th: IL, IN, WI | |||
| 8th: AR, IA, MN, MO, NE, ND, SD | |||
| 9th: AK, AZ, CA, HI, ID, MT, NV, OR, WA, GUAM, NMI | |||
| 10th: CO, KS, NM, OK, UT, WY | |||
| 11th: AL, FL, GA | |||
© 2004 American Financial Services Association. All rights reserved.