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The year 2009 Bankruptcy Statistics have just been released by the Office of US Courts in accordance with the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The report indicates that during the calendar year 2009 nearly 1.4 million bankruptcy petitions were filed by individuals. Out of the total number of cases, 71% of cases were filed under Chapter 7 and the remaining 29% were filed under Chapter 13 of the Bankruptcy Code. Less than one percent of bankruptcy cases were filed under Chapter 11 of the bankruptcy code which is generally reserved for corporate entities.
Consumer debtors seeking bankruptcy protection under Chapter 7, 13 and 11 during 2009 reported holding total assets in the amount of $200 billion and total liabilities in the amount of $325 billion. The total assets reported by consumer debtors rose 34 percent over the comparable 2008 figures, meanwhile total liabilities rose 53 percent. Lastly, the median monthly income of all Debtors was 4% more than 2008 at $2,723.00 and the median expenses were 5% higher at $2,819.
If there are any general questions or topics you would like to read about relating to bankruptcy law in the Philadelphia, Pennsylvania region, you may contact the Philadelphia Bankruptcy Lawyers at Sadek Law Offices, LLC at 215-545-0008 or toll free at (877) 4-LAW-411 or email brad@sadek-cooper-site. Thank you.