by Calculated Risk on 12/02/2009 11:06:00 AM

Note: The monthly data is noisy and is not adjusted for days in the month.

From the American Bankruptcy Institute: November Consumer Bankruptcy Filings Drop 18 Percent from Previous Month

The 112,152 consumer filings in November represented a decrease of 18 percent from the 135,913 filings registered in October, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). Despite the drop from the previous month, the November filings represented a 12 percent increase over the 99,925 consumer filings in November 2008. ...

"While bankruptcy filings cooled in November, consumers are still feeling the effects of rising unemployment rates and housing debt," said ABI Executive Director Samuel J. Gerdano. "Bankruptcies are set to top 1.4 million filings for 2009 as consumers and businesses continue to seek shelter from economic distress."
emphasis added

Click on graph for larger image in new window.

This graph shows the non-business bankruptcy filings by quarter.

Note: Quarterly data from Administrative Office of the U.S. Courts, Q4 2009 is estimated using monthly data from the American Bankruptcy Institute.

The quarterly rate is at about the same level as prior to when the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) took effect. There were over 2 million bankruptcies filed in Calendar 2005 ahead of the law change.

There have been over 1.3 million personal bankruptcy filings through Nov 2009, and there will probably be over 1.4 million filings in all of 2009.