Bankruptcy Filings 2002 Chapter 7, Chapter 11 & 13

Bankruptcy Filings

2002 Filings Break Record!

In 2002, bankruptcy filings broke new records...again! According to the Administrative Office of the U.S. Courts, more bankruptcy petitions were filed in the 12 month period ending September 30, 2002 than at any time in history. Bankruptcy filings totaled 1,547,669, up 7.7% from the previous record of 1.437 million filed in 2001. Petitions rose across the board with the exception of chapter 12. In fiscal year 2002, filings under chapter 7 (complete dismissal) rose 6.9%; chapter 11 (small business debtor) 10.9%; and chapter 13 (wage earners plan), 9.5%. The only chapter that saw a decrease was chapter 12 (farming entities) with 322 filings, down 15%.

Break down is as follows:

Stats for both business and non business filings.
.

Year	Business	Personal	Total	Chapter 7	Chapter 11	Chapter 13
2002	39,091	1,508,578	1,547,669	1,084,336	11,669	451,258
2001	35,992	1.272 million	1,307,857	1014137	10519	412272
2000	38,109	1.263 million	1,301,205	870805	8982	380880
1999	38625	1.315 million	1,354,376	959,291	8,765	385,262
1998	47,125	1.389 million	1,436,964	958045	8765	401151

Data gleaned from: The Federal Judiciary