According to an article posted on the American Bankruptcy Institute website on 8/23/10:

“The total number of U.S. bankruptcies filed during the first six months of 2010 increased 14% over the same six-month period in 2009, according to data released today by the Administrative Office of the U.S. Courts.

Filings were up 20% over the past year to 1,572,597, up from 1,306,315 filed in the 12-month period ending June 30, 2009. Total filings reached 810,209 during the first half of the calendar year of 2010 (January 1-June 30), compared to 711,550 cases filed over the same period in 2009. The totals represent the highest number of filings for the first six months of a calendar year since 2005, when the Bankruptcy Code was amended.

The 422,061 new cases filed in the second quarter represent the highest total since the fourth quarter of 2005. Business filings decreased 4% for the six-month period ending June 30, 2010, to 29,059 from the first-half 2009 total of 30,333.

Chapter 11 business reorganizations registered the sharpest decrease, as the 6,152 filings during the first half of 2010 represented a 17% drop from the 7,396 total chapter 11 business filings during the first half of 2009. Chapter 7 business liquidations remained nearly unchanged, as there were 20,385 in the first half of 2010, a half percent increase from the 20,375 business chapter 7 filings during the same period in 2009.

Filings by individuals or households with consumer debt increased 15% to 781,150 for the six-month period ending June 30, 2010, as compared to the 2009 first-half total of 681,217. Consumers filing for chapter 7 protection increased 17% to 571,417 during the first half of 2010 from 489,128 during the first six months of 2009. Consumer chapter 13 filings increased as well, rising 9% as 208,778 consumers filed for chapter 13 in the first half of 2010 from 191,458 during the first half of 2009.”

Full disclosure: The Law Firm of James MaGee, Washington Bankruptcy Attorney, is a proud member and supporter of ABI, the leading national bankruptcy professional organization.

Ideas for Action: It’s no secret that many people and families are struggling in today’s economy. Bankruptcy is a Prudent Step Towards Rebuilding Your Life. You should not feel guilty or embarrassed for having filed bankruptcy. Popular folklore holds that Henry Ford filed for bankruptcy five times! Psychologists say families, relationships and marriages fail most often because of financial pressures. If financial strain is damaging your health and personal relationships, you should consider bankruptcy.