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Update: 2007 Bankruptcy Filings Watch

posted by Bob Lawless

2007_filings_per_day_thru_oct The good folks at AACER have again been kind enough to send along monthly U.S. bankruptcy filing statistics for October. They always tell me not to worry about giving them credit, but their statistics are more timely than what we get from the U.S. courts. They deserve the credit.

This means it's time to update the 2007 bankruptcy watch. October 2007 saw 81,065 total bankruptcy filings as compared to only 67,542 filings for September. That difference is deceiving, however, because there were 22 filing days (i.e., days the U.S. courts were open for business) in October as compared to only 19 in  September. On a daily basis, October had 3,685 filings per day as compared to 3,550 in September, a 3.7% increase. With only two months of filing left, we can expect the following for annual 2007 filings:

  • 820,000 if filings continue through the end of 2007 at the same daily rate they have averaged for all of 2007
  • 838,000 if filings continue through the end of 2007 at the same daily rate they were in October 2007
  • 846,000 if filings after October 2007 represent the same proportion of filings (about 18.9%) as the filings after October 2006 represented of the total 2006 figures

I wanted to get the updated figures posted. Soon, I'll post some comments on the monthly trend we have seen since January 2006.

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  • As a public service, the University of Illinois College of Law operates Bankr-L, an e-mail list on which bankruptcy professionals can exchange information. Bankr-L is administered by one of the Credit Slips bloggers, Professor Robert M. Lawless of the University of Illinois. Although Bankr-L is a free service, membership is limited only to persons with a professional connection to the bankruptcy field (e.g., lawyer, accountant, academic, judge). To request a subscription on Bankr-L, click here to visit the page for the list and then click on the link for "Subscribe." After completing the information there, please also send an e-mail to Professor Lawless (rlawless@illinois.edu) with a short description of your professional connection to bankruptcy. A link to a URL with a professional bio or other identifying information would be great.

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