Consumer Payment Card News

Bankruptcy 2003

Consumer bankruptcy filings exceeded 1.6 million last year, a record for a calendar year. However, the figure did not break the historic high for a 12-month period, which was set in the period ending September 30, 2003. Last year, Americans filed 1,176,905 Chapter 7 petitions, and 473,137 Chapter 13 petitions. During the final three months of last year, there were 393,348 consumer and business bankruptcy filings, which was down slightly from 2002’s 395,129 filings. According to the Administrative Office of the U.S. Courts, a record number of filings took place in the quarter ending June 30, 2003, when 440,257 filings were made.

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