Bankruptcy Petition Filing Statistics!

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Bankruptcy Petition Filing Statistics!
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• According to the Bankruptcy Petition filing
  statistics, consumers filing for bankruptcy in
  2017 reported total assets of 80 billion and
  total debt of 105 billion, according to an
  annual report filed by the Judiciary with
  Congress. The report, required by Congress under
  the Bankruptcy Abuse Prevention and Consumer
  Protection Act of 2005. Some notable highlights
  in the report are

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• Sixty-two percent of assets were real property,
  and the remaining assets were personal property.
• Debtors in the Northern District of California
  and in the Southern District of Florida reported
  the highest average assets per petition, at
  583,000 and 338,000, respectively. Filers in
  the Western District of Tennessee reported the
  lowest average assets, 44,000.

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• The median average income reported by debtors was
  2,741 a month, and the median average monthly
  expenses were 2,645.
• A total of 742,323 consumer bankruptcy petitions
  were filed in 2017, 1 percent fewer than in 2016.

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• About 61 percent of the bankruptcy petitions were
  filed under Chapter 7 of the Bankruptcy Code, in
  which a debtors assets are liquidated and
  proceeds are distributed to creditors, except for
  exempt assets.
• About 38 percent were filed under Chapter 13 of
  the Bankruptcy Code, in which debtors make
  installment payments to a Trustee who distributes
  it to creditors under court-approved plan.

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• Debtors were able to successfully pay their debts
  in 48 percent of the Chapter 13 cases closed in
  2017 slightly less than the 52 percent reported
  in 2016.

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• Less than 1 percent of petitions by individuals
  with consumer debts were filed under Chapter 11,
  which allows businesses and individuals to
  continue operating while they make plans to
  reorganize and repay creditors.
• The data for the report is provided by the
  debtors either at the time they file bankruptcy
  lawyer petitions or within two weeks of filing,
  which is required by federal bankruptcy rules.