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National Bankruptcy Research Center November 2012 Bankruptcy Filings Report
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Continuing the fall trend, bankruptcy filings in November were essentially
unchanged from October. Nominally, filings were down by 10% (from 96,000
in October to 86,000 in November), but because November filings typically are
about 10% lower than October filings this suggests no substantial change. The
continuing dropoff from 2011 filings is evident from a broader look at the data:
filings in November were down 15% from last November, and filings for this year
to date are down 14% from the first eleven months of last year.
Nationwide, there have been about 4600 filings per million adults so for this
year, one for every 220 adults. Four states stand out with by far the highest
filing rates: Tennessee and Georgia in the Southeast and Utah and Nevada in the
Southwest, all about 70% above the national average, at more than 7000 filings
per million adults. At the other side of the spectrum, six States have filings
less than half the national average, led by Alaska, with only 1350 filings/million
adults, and followed by the District of Columbia, North Dakota, Vermont, South
Carolina, and Hawaii.
There is also considerable disparity in the rate at which overall filing rates
are dropping. As mentioned above, filings nationwide are down 14%, but rates
have fallen much more rapidly in the far West. The five States with the largest
dropoff are Nevada, Hawaii, Alaska, Arizona, and California, all down by more
than 22% from last year at this time. Nevada’s appearance as the State with
the fourth highest filing rate (mentioned above) and at the same time by the
biggest dropoff from last year underscores the startlingly high level of filings in
Nevada during the crisis. For most of 2010 and 2011 filings rates were higher in
Nevada than anywhere else in the Nation. The steep dropoff this year (especially
in Chapter 13 filings associated with home mortgages) has finally pushed the
states in the Southeast to the top of the filings list.
This analysis was performed on data collected by the National Bankruptcy Research Center (NBKRC) by NBKRC contributor Professor Ronald Mann of the Columbia Law School.
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© Copyright 2006 NBKRC
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