Surprising Drop in Consumer Bankruptcies November 2009
While it still feels like Massachusetts consumers are filing bankruptcies at record rates, the statistics may be encouraging right now.
Consumers filed 112,152 personal bankruptcies in November, 2009. This was a decrease of 18% from the October 2009 numbers.
Nevertheless, the numbers are up 12% from the previous year. These figures are from the American Bankruptcy Institute.
“While bankruptcy filings cooled in November, consumers are still feeling the effects of rising unemployment rates and housing debt,” said ABI Executive Director Samuel J. Gerdano. “Bankruptcies are set to top 1.4 million filings for 2009 as consumers and businesses continue to seek shelter from economic distress.”
Nevertheless, filings for the first nine months of 2009 (Jan. 1 – Sept. 30) were up 35 percent to 1,100,035, compared to the 814,496 filings during the same period in 2008. Bankruptcies are at the highest level since the 2005 amendments to the Bankruptcy Code.