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Bankruptcy filings rose in March
WASHINGTON (6/6/08)--Bankruptcy filings in the federal courts for the 12-month period ending March 31 exceeded 900,000, according to statistics released Monday by the Administrative Office of the U.S. Courts. The 901,927 bankruptcy cases filed represent a 30% increase over the 695,575 cases filed in the 12-month period ending March 31, 2007. The majority of filings involve non-business debts. Non-business filings, also called personal or consumer filings, for the 12-month period ending March 31 totaled 871,186, up 29% compared with the same time period the year before. Filings involving predominantly business debts also rose. They totaled 30,741, up 40% compared with the same time period the year before. For the 12-month period ending March 31, filings rose for all bankruptcy chapters, except for Chapter 12:
* Chapter 7 (liquidations) filings rose 36% to 560,015, compared to the 413,294 Chapter 7 filings in the 12-month period ending March 31, 2007; * Chapter 13 (reorganization for individuals with regular income) filings rose 21% to 334,551, from the 276,649 bankruptcies filed in the 12-month period ending March 31, 2007; * Chapter 11 (business reorganizations) filings rose 34%, to 6,971 compared to the 5,199 Chapter 11 filings in the same time period in 2007; and * Chapter 12 (farmers) filings fell 8% to 343, from the 372 filings for the 12-month period ending March 2007.
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