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Bankruptcies Down through Second Quarter, 2000
The good news is that the number of personal bankruptcy petitions filed in the second quarter of this year was 5.4% lower than in the second quarter, 1999. However, as illustrated in the chart below, the year-over-year decline in bankruptcy filings has been slowing for the past three quarters, despite continued strong growth in personal incomes and generally remarkable economic conditions. Thus it seems that petitions for personal bankruptcy relief in the U.S. will remain stubbornly above 1 million even in the best of economic times. Interestingly, since June 1996 personal bankruptcy filings have increased over 25 percent, but during the same period, business bankruptcies have declined over 30 percent. Opponents of bankruptcy reform efforts in Congress have argued that the declines in personal bankruptcies during the past 18 months have diminished the need for revamping the statutes, but they conveniently overlook the sharply contrasting trends in business vs. personal petitions.
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During the 12 months ending June 30, 2000 personal bankruptcy filings totaled 1,240,012, a decline of 8.3% from the total filed during the 12 months ending June 30, 1999. Of these petitions, 69.7% were filed under Chapter 7, in which 95% of current borrowers are exempt from any asset liquidation and have their debts discharged as prelude to a "fresh start." Of the 91 judicial districts that comprise the 50 states and Puerto Rico, 10 experienced an increase in their 12-month filing volume. The table below displays the filing volume within the 50 states, subdivided by judicial district.
| PERSONAL BANKRUPTCIES IN 2000 BY STATE AND JUDICIAL DISTRICT FOR THE 12-MONTH PERIOD ENDING JUNE 30, 2000 |
|||
|---|---|---|---|
| TOTAL FILINGS AS OF 6/30/2000 |
% CHANGE IN TOTAL 6/30/2000-6/30/1999 |
% CHAPTER 7 AS OF 6/30/2000 |
|
| TOTAL | 1,240,012 | -8.3% | 69.7% |
| ALABAMA | 30,978 | 0.8% | 39.6% |
| MIDDLE | 6,513 | -2.8% | 42.6% |
| NORTH | 19,483 | 0.8% | 37.5% |
| SOUTH | 4,982 | 5.8% | 43.5% |
| ALASKA | 1,303 | -7.2% | 91.3% |
| ARIZONA | 20,867 | -9.4% | 81.4% |
| ARKANSAS | 16,017 | -2.9% | 58.7% |
| EAST | 9,967 | -4.2% | 52.7% |
| WEST | 6,050 | -0.8% | 68.5% |
| CALIFORNIA | 155,764 | -19.7% | 79.9% |
| CENTRAL | 89,080 | -19.2% | 80.0% |
| EAST | 31,385 | -12.6% | 85.4% |
| NORTH | 21,602 | -28.8% | 72.2% |
| SOUTH | 13,697 | -21.0% | 78.6% |
| COLORADO | 15,256 | -9.9% | 84.6% |
| CONNECTICUT | 11,250 | -13.8% | 87.0% |
| DISTRICT OF COLUMBIA | 2,548 | -6.2% | 66.0% |
| DELAWARE | 2,303 | -6.0% | 67.0% |
| FLORIDA | 72,371 | -6.7% | 72.5% |
| MIDDLE | 40,104 | -8.0% | 72.0% |
| NORTH | 4,956 | -4.5% | 79.4% |
| SOUTH | 27,311 | -5.3% | 71.9% |
| GEORGIA | 56,965 | -2.3% | 37.0% |
| MIDDLE | 14,091 | -1.9% | 40.9% |
| NORTH | 31,046 | -2.9% | 40.5% |
| SOUTH | 11,828 | -1.1% | 23.2% |
| HAWAII | 4,944 | -15.0% | 89.2% |
| IDAHO | 6,955 | 0.3% | 80.9% |
| ILLINOIS | 61,055 | -6.3% | 71.3% |
| CENTRAL | 11,343 | -5.7% | 84.9% |
| NORTH | 43,069 | -7.0% | 67.7% |
| SOUTH | 6,643 | -2.2% | 71.5% |
| INDIANA | 37,065 | -3.2% | 80.6% |
| NORTH | 13,883 | -3.9% | 84.6% |
| SOUTH | 23,182 | -2.8% | 78.2% |
| IOWA | 7,992 | -8.1% | 93.8% |
| NORTH | 3,216 | -8.1% | 96.6% |
| SOUTH | 4,776 | -8.1% | 92.0% |
| KANSAS | 11,282 | -6.7% | 80.7% |
| KENTUCKY | 20,543 | -2.6% | 83.2% |
| EAST | 8,859 | -2.7% | 87.8% |
| WEST | 11,684 | -2.5% | 79.8% |
| LOUISIANA | 22,505 | 2.4% | 56.4% |
| EAST | 8,049 | 15.2% | 63.0% |
| MIDDLE | 2,712 | -3.4% | 69.0% |
| WEST | 11,744 | -3.6% | 48.9% |
| MAINE | 3,887 | -8.3% | 93.2% |
| MARYLAND | 30,397 | -8.3% | 68.5% |
| MASSACHUSETTS | 16,267 | -19.6% | 86.5% |
| MICHIGAN | 35,821 | -6.0% | 72.3% |
| EAST | 24,755 | -6.4% | 71.4% |
| WEST | 11,066 | -5.3% | 74.4% |
| MINNESOTA | 13,908 | -11.2% | 79.3% |
| MISSISSIPPI | 17,735 | -0.7% | 59.7% |
| NORTH | 5,786 | -1.7% | 61.4% |
| SOUTH | 11,949 | -0.3% | 58.8% |
| MISSOURI | 25,906 | -5.8% | 71.4% |
| EAST | 15,088 | -6.6% | 62.5% |
| WEST | 10,818 | -4.6% | 83.8% |
| MONTANA | 3,169 | -10.8% | 88.0% |
| NEBRASKA | 5,446 | -3.6% | 85.0% |
| NEVADA | 14,008 | -7.8% | 73.4% |
| NEW HAMPSHIRE | 3,609 | -12.6% | 91.9% |
| NEW JERSEY | 37,943 | -12.3% | 64.7% |
| NEW MEXICO | 6,530 | -9.8% | 85.8% |
| NEW YORK | 59,905 | -17.2% | 80.8% |
| EAST | 23,387 | -20.8% | 79.1% |
| NORTH | 13,481 | -11.3% | 83.2% |
| SOUTH | 12,586 | -20.9% | 86.7% |
| WEST | 10,451 | -10.7% | 74.5% |
| NORTH CAROLINA | 25,337 | -3.7% | 41.9% |
| EAST | 9,813 | -7.9% | 46.3% |
| MIDDLE | 8,769 | 0.8% | 34.1% |
| WEST | 6,755 | -3.0% | 45.7% |
| NORTH DAKOTA | 1,939 | -7.1% | 96.2% |
| OHIO | 52,251 | -3.4% | 78.7% |
| NORTH | 26,845 | -2.6% | 81.0% |
| SOUTH | 25,406 | -4.2% | 76.2% |
| OKLAHOMA | 18,500 | -9.9% | 86.0% |
| EAST | 3,501 | -2.7% | 93.3% |
| NORTH | 4,638 | -6.7% | 88.4% |
| WEST | 10,361 | -13.5% | 82.5% |
| OREGON | 15,727 | 2.6% | 85.4% |
| PENNSYLVANIA | 42,445 | -3.9% | 69.8% |
| EAST | 21,007 | -6.7% | 56.0% |
| MIDDLE | 9,635 | 0.2% | 80.2% |
| WEST | 11,803 | -1.9% | 85.8% |
| RHODE ISLAND | 4,745 | -8.0% | 93.5% |
| SOUTH CAROLINA | 11,496 | 1.4% | 47.8% |
| SOUTH DAKOTA | 2,015 | -6.2% | 96.8% |
| TENNESSEE | 46,314 | -2.4% | 43.8% |
| EAST | 14,809 | -1.5% | 56.5% |
| MIDDLE | 10,876 | -1.9% | 60.0% |
| WEST | 20,629 | -3.2% | 26.1% |
| TEXAS | 60,503 | -8.6% | 53.4% |
| EAST | 8,870 | -4.0% | 50.3% |
| NORTH | 19,952 | -9.9% | 51.2% |
| SOUTH | 16,445 | -8.3% | 55.8% |
| WEST | 15,236 | -9.9% | 55.4% |
| UTAH | 13,923 | 2.8% | 60.5% |
| VERMONT | 1,542 | -15.4% | 91.9% |
| VIRGINIA | 36,258 | -9.8% | 74.1% |
| EAST | 26,857 | -10.7% | 71.3% |
| WEST | 9,401 | -7.2% | 82.2% |
| WASHINGTON | 30,580 | -3.3% | 77.6% |
| EAST | 7,776 | 4.5% | 76.0% |
| WEST | 22,804 | -5.7% | 78.1% |
| WEST VIRGINIA | 7,943 | -2.6% | 94.6% |
| NORTH | 3,250 | -1.2% | 94.1% |
| SOUTH | 4,693 | -3.6% | 95.0% |
| WISCONSIN | 17,285 | -3.3% | 85.2% |
| EAST | 12,134 | -2.6% | 82.7% |
| WEST | 5,151 | -4.8% | 91.1% |
| WYOMING | 1,940 | -8.5% | 93.5% |
| GUAM | 126 | 44.8% | 84.9% |
| NMI | 8 | -20.0% | 87.5% |
| PUERTO RICO | 16,580 | -1.7% | 29.3% |
| VIRGIN ISLANDS | 61 | 3.4% | 78.7% |
| CIRCUIT | |||
| 1ST | 45,088 | -10.9% | 67.2% |
| 2ND | 72,697 | -16.6% | 82.0% |
| 3RD | 82,752 | -8.0% | 67.4% |
| 4TH | 111,431 | -6.5% | 64.0% |
| 5TH | 100,743 | -5.0% | 55.2% |
| 6TH | 154,929 | -3.6% | 67.4% |
| 7TH | 115,405 | -4.9% | 76.4% |
| 8TH | 73,223 | -6.4% | 74.9% |
| 9TH | 253,451 | -14.6% | 80.1% |
| 10TH | 67,431 | -7.0% | 79.7% |
| 11TH | 160,314 | -3.8% | 53.5% |
| States and territories in each circuit: | |||
| 1st: ME, MA, NH, RI, PR | |||
| 2nd: CT, NY, VT | |||
| 3rd: DE, NJ, PA, VI | |||
| 4th: MD, NC, SC, VA, WV | |||
| 5th: LA, MS, TX | |||
| 6th: KY, MI, OH, TN | |||
| 7th: IL, IN, WI | |||
| 8th: AR, IA, MN, MO, NE, ND, SD | |||
| 9th: AK, AZ, CA, HI, ID, MT, NV, OR, WA, GUAM, NMI | |||
| 10th: CO, KS, NM, OK, UT, WY | |||
| 11th: AL, FL, GA | |||