Network Firm News

Friday, May 16, 2003

Bankruptcy Filings Continue to Increase
Records Broken for Total Filings and Non-Business Filings
Administrative Office of the United States Courts -- 5/15/03

The number of bankruptcy petitions filed in federal courts rose 7.1 percent in the 12-month period ending March 31, 2003, according to statistics released today by the Administrative Office of the U.S. Courts. Bankruptcy filings rose from 1,504,806 in the 12-month period ending March 2002 to 1,611,268 in the same 12-month time period in 2003. The number of filings continues to break records. The previous highest total of filings for any 12-month period was in the 12-month period ending December 31, 2002, with a total of 1,577,651. Total bankruptcy filings first broke the 1.5 million mark in the 12-month period ending March 31, 2002.

Business filings in March 2003 totaled 37,548, down 5.8 percent from the 39,845 business filings in the 12-month period ending March 31, 2002. Non-business filings totaled 1,573,720, up 7.4 percent from the total non-business filings of 1,464,961 in the 12-month period ending March 31, 2002. This also is a record number of non-business filings for any 12-month period.

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