News Flash! June 11, 2013

Latest Bankruptcies for the 12 months ended December 31, 2012

Bankruptcy cases filed in federal courts for the 12-month period ending December 31, 2012, totaled 1,221,091, down 13.4 percent from the bankruptcy filings for the year ending December 31, 2011 which were 1,410,653. This is according to statistics released today by the Administrative Office of the U.S. Courts.

Business and Non-Business Filings

Non-business filings totaled 1,181,016 down 13.4 percent from the 1,362,847 non-business bankruptcy filings in file in the previous year..

Business filings totaled 40,075 down 16.2 percent from the 47,806 business filings in the previous year.

Statistics are from the Administrative Office of the Courts

Business and Non-Business Filings
CY 2006-2010

Year

Total

Non-Business

Business

2012

1,221,091

1,181,016

40,075

2011

1,410,653

1,362,847

47,806

2010

1,593,081

1,536,799

56,282

2009

1,473,675

1,412,838

60,837

2008

1,117,641

1,074,108

43,533

2007

850,912

822,590

28,322

2006

617,660

597,965

19,695


1,557,760 people filed bankruptcy in the
year ended December 31, 2012.

There were 1,181,016 personal bankruptcies filed in the year ended December 31, 2012. So that means that 1,181,016 people filed bankruptcy. Right? Wrong!

The statistics include joint filings, for example for husband and wife. In accordance with a study reported in September, 2001, Young, Old, and in Between: Who Files for Bankruptcy? By Dr. Teresa Sullivan, Dr. Deborah Thorne and Professor Elizabeth Warren 31.9 % of the filings for the year ended December 31, 2001 were joint filings of husband and wife.

To approximate the number of people filing bankruptcy we must increase the filings by 31.9% to get 1,557,760 people who filed bankruptcy in the year ended December 31, 2011.


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Bankruptcy Chart - 2011

Bankruptcy Profiles

Average age: 38;

44% of filers are couples;

30% are women filing alone;

26% are men filing alone;

Slightly better educated than the general population;

Two out of three have lost a job;

Half have experienced a serious health problem;

Fewer than 9% have not suffered a job loss, medical event or divorce;

Highest bankruptcy rates: Tennessee, Utah, Georgia, Alabama.

 

Kmart Tops U.S. Retail Bankruptcies List (Back)
Kmart Corp. is the biggest U.S. retailer to declare bankruptcy, according to data going back to 1980,
with total pre-bankruptcy assets of more than $17 billion, Reuters reported. The following list ranks the 10 largest U.S. retail bankruptcies since 1980, by total assets before bankruptcy, based on figures from BankruptcyData.com:


COMPANY
(Note: Ames Department Stores are included twice as they filed twice)

BANK.
DATE

TOT. ASSETS PRE-BANK. ($MIL)

Kmart

1/22/2002

$17,007.00

Federated Dept. Stores

1/15/1990

$7,913.00

Montgomery Ward Holding Corp.

7/7/1997

$4,879.00

Macy (R.H.) & Co. Inc.

1/27/1992

$4,812.00

Allied Stores Corp.

1/15/1990

$3,502.00

Southland Corp.

10/24/1990

$3,439.00

Ames Department Stores

4/25/1990

$2,130.00

The Circle K Corp.

5/15/1990

$2,045.00

Carter Hawley Hale Stores

2/11/1991

$2,045.00

Ames Department Stores Inc.

8/20/2001

$1,975.29

Revco D.S. Inc.

7/28/1988

$1,844.00


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