Q1 Bankruptcy (6/6/2006)

FULL STORY:

Consumer and business bankruptcy filings imploded during the first quarter, dropping to a record low of 116,771 petitions. The figure was about one-fourth the level of year-ago filings. However, bankruptcy filings rose 30% in the 12-month period ending December 31st. The increase in both the December and March 12-month reporting periods was the result of many debtors filing for bankruptcy before the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005" took effect on October 17st. According to the Administrative Office of the U.S. Courts, Chapter 7 filings rose 25.4%, from 1,141,715 in the 12-month period ending 1Q/05 to 1,432,074 in March 2006. Chapter 13 filings fell 19.5%, to 355,756 in March 2006 from 441,838 in March 2005. 

                                  Q1 FILINGS
                             (Years Ended Mar 31)
                                1995: 212,626
                                1996: 266,149
                                1997: 335,073
                                1998: 354,118
                                1999: 330,784
                                2000: 312,335
                                2001: 366,841
                                2002: 379,012
                                2003: 412,968
                                2004: 407,572
                                2005: 401,149
                                2006: 116,771
                            Source:  U.S. Courts