After the passage of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act and the rush to file before the law change, many attorneys believed filings would decrease. Well, the mortgage crisis and bad economy changed all of that. The following is a comparison of bankruptcy filings under Chapter 7, Chapter 13 and Chapter 11 for the United States Bankruptcy Court Northern District of California.
In 2007 there were a total of 127,359 cases filed in the Northern District of California. Each month and each quarter of the year filings increased month after month. 2007 really was the start of increases in filings. The 2nd three months of 2007 realized a 16% increase in bankruptcy filings, the 3rd three months of 2007 increased 7% more and the 4th three months of 2007 increased another 14% for a total of 21,758 filings for the last three months of 2007. 2008 realized an even larger increase in cases filed. The 1st three months increased 18% from the last three months of 2007, the 2nd three months of 2008 increased 26%, the 3rd three months of 2008 increased 14% and the 4th three months increased by 3% for a total of 38,011 filings for the last three months of 2008.
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Increase in Filings For the United States Bankruptcy Court Northern District of California from 2007 - 2008
Quarter---------Year------Cases Filed----Quarter---------Year-----Cases Filed-------2007 - 2008 Increase
1st Quarter...... 2007.........15,041..........1st Quarter........2008........25,727................71% more than 2007
2nd Quarter......2007.........17,505..........2nd Quarter........2008........32,387................85% more than 2007
3rd Quarter.......2007.........18,778..........3rd Quarter........2008........37,083................97% more than 2007
4th Quarter.......2007.........21,758..........4th Quarter........2008........38,011................75% more than 2007
Increase in Bankruptcy Filings For the Whole 9th Circuit from 2007 - 2008
Quarter---------Year-----Cases Filed----Quarter---------Year-----Cases Filed--------2007 - 2008 Increase
1st Quarter.......2007.......26,960...........1st Quarter........2008.......42,165..................56% more than 2007
2nd Quarter......2007.......31,124............2nd Quarter.......2008.......52,874..................69% more than 2007
3rd Quarter.......2007.......32,808............3rd Quarter.......2008.......60,026..................82% more than 2007
4th Quarter.......2007.......36,467............4th Quarter.......2008.......61,395..................68% more than 2007
As shown above, bankruptcy filings increased by approximately 70% from 2007 to 2008. The number of foreclosures and adjusting interest only or negative amortization mortgages contributed significantly to the increase in bankruptcy cases. Also layoffs and the general sluggishness of the economy contributed as well. As 2009 approached the number of filings continued to increase at an even larger percentage.
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