Bankruptcies Surge for 3rd Year, 1.3M Filings in 2008-2009
For the third year in a row, bankruptcy filings have surged. Total filings topped 1.3 million during the fiscal year that ended June 30, 2009, a 35 percent increase over the 967,831 filings for the previous 12-month period.
Business filings rose 63 percent, as filings by individuals went up by 34 percent, reports the Blog of Legal Times. The surge is likely to give additional impetus to efforts by the Judicial Conference of the United States to persuade Congress to add 13 new bankruptcy judgeships and make 22 temporary judicial positions permanent, the BLT Notes.
“I don’t see it getting better any time soon,” Texas attorney Carey Ebert tells the legal publication, explaining that local filings have been accelerating recently as unemployment and foreclosures start to hit regions that had previously fared better. She is president of the National Association of Consumer Bankruptcy Attorneys.
A press release from the Administrative Office of the U.S. Courts provides detailed breakdowns concerning the 1,306,315 filings in FY 2008-2009.
