Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
U.S. bankruptcy filings down 8 for FY 2011
MADISON, Wis. (11/8/11)--Bankruptcy cases filed in U.S. federal courts for fiscal year 2011-- the 12-month period ending Sept. 30--totaled 1,467,221, down 8% over the fiscal year 2010 bankruptcy filings of 1,596,355, according to the Administrative Office of the U.S. Courts. That is consistent with credit union loan delinquencies, which fell to a cyclical low in the past year, according to the Credit Union National Association (CUNA).

Filings dropped during the fourth quarter of the judiciary's fiscal year, with 15% fewer filings than in fourth quarter 2010, according to the statistics released Monday.

Additional statistics released Monday include business and non-business bankruptcy filings for the 12-month period ending Sept. 30; a comparison of September 2010 and 2011 filings; fourth-quarter filings; and monthly filings for the 12-month period ending Sept. 30.

For the 12-month period, business bankruptcy filings--those cases in which the debtor is a corporation or partnership, or the debt is predominantly related to the operation of a business--totaled 49,895, down 14% from the 58,322 business filings reported in the same period in 2010.

Non-business bankruptcy filings totaled 1,417,326, down 8% from the 1,538,033 non-business bankruptcy filings in September 2010.

In fiscal year 2011, filings fell for Chapter 7 and Chapter 11 bankruptcies:

  • Chapter 7 filings totaled 1,036,950, down 10% from the 1,146,511 Chapter 7 filings in fiscal year 2010; and
  • Chapter 11 filings fell to 11,979, down 16% from the 14,191 filings reported in fiscal year 2010.
The three-month period ending Sept. 30 was the judiciary's final quarter of fiscal year 2011. Total bankruptcy filings in the fourth quarter were 348,635, down 15% from the 412,380 cases filed in the final quarter of fiscal year 2010.

Credit union 60-plus-day loan delinquency rates fell to a new cyclical low of 1.51% in September, down from 1.75% a year earlier, according to CUNA's latest Monthly Credit Union Estimates for September 2011.

For more information, use the link.
Other Resources

RSS print
News Now LiveWire
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
1 Day ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
1 Day ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
1 Day ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
1 Day ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
1 Day ago