QUARTERLY BANKRUPTCY FILINGS POST SIGNIFICANT DROP
Data Show Bankruptcies May Be Leveling Off
The total number of new bankruptcies filed during the first three months of 1999 dropped to 330,784, posting the lowest number of filings since the final quarter of 1996, according to data released by the Administrative Office of the U.S. Courts.
The number of bankruptcies filed during the 12-month period ending March 31, 1999 totaled 1,419,199, a slight drop of 0.3 percent from the previous 12-month period, when filings totaled 1,423,128. Total bankruptcies for the 12-month period mark the first decrease since the identical period in 1996.
Personal bankruptcies for the quarter decreased to 321,604 (down by 5.9 percent when compared to the first quarter of 1998), and personal filings for the 12-month period ending March 31 increased by a fraction of a percent to 1,378,071.
The decline corresponds with a report in Monday's "Wall Street Journal" that the pace of new consumer debt has slowed, along with delinquency and charge-off rates. Moody's Investors Service reports that consumers are paying off outstanding principal at record levels.
Business bankruptcies continued their decline in the first quarter, consistent with the health of the national economy, dropping to 9,180, a 26.0 percent decrease from the same three-month period in 1998. Business filings decreased during the 12-month period ending March 31 to 41,128, a 21.9 percent drop from the previous 12-month period.
To view additional statistics, visit
abiworld.org.
To view ABI's press release on the first quarter stats, visit
abiworld.org;
Source: American Bankruptcy Institute's ABI Network Update |
