3Q Bankruptcy Filings Up 33 Percent
ALEXANDRIA, Va. — U.S. bankruptcies filed in the third quarter 2009 totaled 388,485, a 33 percent increase over the 292,291 cases filed in the year-ago period, according to data from the Administrative Office of the U.S. Courts.
Total filings for the first nine months of 2009 were up 35 percent to 1.1 million compared to the 814,496 filings during the year-ago period. Bankruptcies are at the highest level since the 2005 amendments to the Bankruptcy Code.
“The spike in bankruptcy filings for both consumers and businesses reflects the continuing effects of today’s weak economy,” said American Bankruptcy Institute Executive Director Samuel J. Gerdano. “With unemployment surpassing 10 percent and credit to businesses remaining tight, consumers and businesses are increasingly turning to the financial relief of bankruptcy.”
Consumer filings totaled 373,308 during the third quarter 2009, representing a 33 percent increase over the 280,787 filed during the year-ago period. Consumer chapter 7 filings totaled 265,721, an increase of 42 percent over the year-ago total of 187,227. Chapter 13 consumer filings also increased to 107,142 filings, representing a 15 percent increase over the 93,333 filings during the same period in 2008.
Nevada was the state with the highest per capita filing rate in the country, with 10.49 residents per thousand filing in all chapters, and also had the highest per capita filing rate for chapter 7 filings at 7.53. The state with the highest per capita filing rate for chapter 13 bankruptcy was Tennessee at 4.36 per thousand for the 12-month period ended Sept. 30, 2009.
Nonbusiness filings for the 12-month period ending Sept. 30, 2009, totaled 1,344,095, an increase of 34 percent from the 1,004,342 total nonbusiness filings calculated over the same period in 2008. Business filings for the 12-month period ending Sept. 30, 2009, totaled 58,721, up 52 percent from the 38,651 bankruptcy petitions filed in the 12-month period ending Sept. 30, 2008.
More Industry

RV Group Expands Carolina Footprint
Blue Compass RV Columbia Northeast is the 13th RV dealership owned by Blue Compass in the Carolinas.
Read More →
Agent Acumen
An Agent Summit panel of people who’ve been supporting auto dealers for years gave both timely and timeless advice for those starting out or mulling the prospect.
Read More →
Missed Maintenance Creates Opportunity
As families get back on the road and into daily school routines, service drives have an opportunity to capture customers who are behind on recommended vehicle maintenance.
Read More →
Mitsubishi Unveils U.S. Plan
The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.
Read More →
Selling to Grow
The question of whether you should sell your agency and if so, when, is up to you. But it’s a question worth asking to ensure you keep the business on the right path for yourself, employees and clients.
Read More →
Recalled Vehicles Hit 5-Year High
Though the number of events has fallen so far this year, impacted units are up significantly. Meanwhile, regulators consider consumer notification changes.
Read More →
Auto Group Acquires Top-Performing Rooftop
Car Pros sold its Kia Huntington Beach location to Sutherlin Automotive Group, marking the buyer’s third location in Southern California.
Read More →
China as Pacesetter
Automotive leaders huddled on where North America stands in the global picture and how it can strengthen its position against the Asian juggernaut’s surging industry.
Read More →
BMW Concept Car Makes Fuel to Burn
The prototype developed in concert with a South Carolina university engineering team generates more solar energy than it uses in a typical daily commute.
Read More →
South Carolina Auto Group Downsizes
Florida-based group Holler-Classic has acquired four rooftops, its first in South Carolina, from Dick Smith Automotive Group.
Read More →