Bankruptcy filing surpass record-breaking mark

Northwestern Financial Review, Jan 1, 2002

The number of new bankruptcies filed during fiscal year 2001 rose to a historic high. Bankruptcy cases for 2001 totaled 1,437,354, which is a 14 percent increase from the 1,262,102 cases filed in 2000, according to data released by the Administrative Office of the U.S. Courts. The total number of new bankruptcies filed in the third quarter of 2001 was 359,518, a 16.5 percent increase over the same period a year ago.

This is the secondhighest third quarter ever and is surpassed only by the third quarter of 1998 when 361,205 new cases were filed. Through the first nine months of this year, filings are up 19.5 percent from the same period a year ago and up 3.5 percent from the same period in 1998. Filings are now on their way to surpassing the recording-breaking year of 1998, when 1,442,549 new cases were filed.