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FOR IMMEDIATE RELEASE
Media Contact: Denise Lundquist
Lundquist Consulting, Inc.
650-342-9486 xt. 201
Fax: 650-342-5567
dlundquist@lundquistconsulting.com
www.LundquistConsulting.com

Second Quarter 2007 Marks Fifth Consecutive Quarterly Growth in Consumer Bankruptcies.

Burlingame, CA, July 3, 2007- The National Bankruptcy Research Center (NBKRC), a subsidiary of Lundquist Consulting, Inc., industry leader in bankruptcy statistics and analytics, releases findings that the second quarter of 2007 marked the fifth consecutive increase in bankruptcy filings since the first quarter of 2006. The second quarter 2007 filings numbered 200,732, an 11.6 percent growth over the first quarter of 2007 and a 40.6 percent growth over the second quarter of 2006.

On an annualized basis, 1 in every 136 households filed bankruptcy in the second quarter of 2007, as opposed to 1 in every 190 households in the second quarter of 2006. (Household numbers are based on 2005 estimates by the US Census.) The number of Chapter 13 filings in the second quarter of 2007 represents 37.3 percent of total filings, and Chapter 7 filings represent 62.5 percent. While the percentage of Chapter 7 filings is still lower than prior to the general enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), Chapter 7 filings grew faster than all other chapters, increasing by 16.4 percent in the second quarter, compared to a 4.6 percent increase in Chapter 13 filings.

Chris Lundquist, Founder of Lundquist Consulting, Inc., has over 17 years of experience in the bankruptcy industry, publishing high quality statistics and performing qualitative and quantitative studies on the subject. Lundquist Consulting statistics are quoted in research papers and media articles as well as used by government entities for policy planning and legislative support papers. Regarding the current filing rates, Mr. Lundquist stated, "Bankruptcy filings continue to be lower than historical levels, but the continued increase, especially in Chapter 7 filings, indicate a slow return towards these historical levels."

Quarterly Growth in Consumer Bankruptcy Filings from Previous Quarter by Region (in percent)
Region Q1 Q2
Mountain 4.7 23.9
North Central (East) 9.6 14.0
North Central (West) 7.3 16.8
Northeast 10.8 13.4
Pacific 17.9 16.9
South (East) 5.1 6.0
South (West) -1.0 5.2
  All regions show continued growth in filings in the second quarter of 2007. The Mountain region showed the greatest percentage of growth in filings for quarter two 2007 at 23.9 percent, whereas the area of least growth was seen in the South (West) at 5.2 percent. We do note that the Pacific region showed a smaller growth in quarter two than in quarter one of 2007. The largest volume of second quarter 2007 filings occurred in California at 16,251 filings, followed by Ohio at 13,401 and Georgia at 11,246. For region definitions, please visit our site at http://www.nbkrc.com/Regionaldef.aspx.

Bankruptcy trends, statistics and analytics are updated weekly and available through the National Bankruptcy Research Center (NBKRC), a product offered by Lundquist Consulting, Inc. to clients on a subscription basis.

About the National Bankruptcy Research Center
The National Bankruptcy Research Center (NBKRC) is the premier resource for bankruptcy research, financial planning and economic evaluation. The data and analytics found at the NBKRC provide subscribers with the most accurate, comprehensive and timely bankruptcy statistics anywhere in the industry. Subscribers can obtain information online at www.NBKRC.com or through weekly updates sent directly to them. Subscribers include investment banking firms, securities exchanges, government entities, mortgage brokerages, analysts, banks, members of the media and online providers of economic and financial research.

About Lundquist Consulting, Inc.
Lundquist Consulting, Inc., founded in 1989, specializes in information engineering. The firm brings over fifteen years of expertise in customized data processing solutions, consulting services and research and analytics with a strong emphasis in bankruptcy systems and statistics. LCI has been working in the financial services and technology industries since itís inception. Over that time our principals have served on several industry steering and ad hoc committees in the areas of financial counseling, risk management, and technology. LCI has performed operational studies and worked with industry executives and government entities on developing new strategies for process improvement, risk management policy, and position papers in support of pending legislation. www.LundquistConsulting.com.


Lundquist Consulting and NBKRC in the News

Consumer Bankruptcy Filings at Historic Lows But Rising
Washington (AP)
... Consumer bankruptcy filings continued to increase in every region in the third quarter of this year, according to the data released Tuesday by Lundquist Consulting Inc., a financial research firm based in Burlingame, Calif ...

CONSUMER WATCH
MarketWatch - USA
... 14, compared with more than 1.6 million filings in the same period last year, according to Lundquist Consulting Inc., a firm that tracks bankruptcy filings...

JPMorgan's 2nd-Qr Profit Triples on Trading, Credit-Card Gains
Bloomberg - USA
... 69 percent in the second quarter after a new federal law made it harder for borrowers to erase their debt, according to Lundquist Consulting of Burlingame ...

Bank of America's Profit Rises 18% on Credit Cards, Trading
Bloomberg - USA
... Personal bankruptcy filings plunged 69 percent to 142,816 in the second quarter, according to Lundquist Consulting, a Burlingame, California-based firm. ...

 

 
 
 
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