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Total Bankruptcy Filings At Mid-Year
The number of total bankruptcy petitions filed for the 12-month period ending June 30, 2004 has decreased for the first time since 2000 over this time period, according to the latest figures prepared by the Administrative Office of the U.S. Courts. For the 12-month period ending June 30, 2004, there were 1,635,725 filings, or 14,554 fewer than the 12-month period ending June 30, 2003 when 1,650,279 petitions were filed, the record high for this time period. Although this overall decrease is fairly modest, only 0.9%, business bankruptcy practitioners should take note that business filing are off by 3.9% since mid-year 2003 and nearly 9% since mid-year 2002.
For the 3-month period ending June 30, 2004, there was a total of 421,110 bankruptcy petitions filed, the second highest total for any quarter in history and the second consecutive quarter that filings have increased. The all-time record for filings in a single quarter was set in the 3-month period ending June 30, 2003 when 440,257 filing were reported. This decrease of 4.3% from the second quarter of 2003 also follows a 1.3% decrease from the first quarter of 2003 to the first quarter of this year.
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