Friday, February 1, 2013

Colorado Bankruptcies: Down for second year in 2012

In Colorado during December, total bankruptcy cases filed fell 19.7 percent, year over year, to 1,631 cases. During December 2011, 2,033 cases were filed. December 2012 was the 23nd month in a row in which bankruptcies declined year over year, following three years of growth from 2007 to 2009.

The first graph shows the year-over-year changes in bankruptcy case filings since January 2008:

In general, bankruptcy filings are about where they were during 2004, although they are up significantly since 2006 following the implementation of the 2005 Bankruptcy Act (discussed here).

In year-end total for 2012, we find that 2012's total bankruptcy filings were down 12.9 percent from 2011. 2012's decline was the second year in a row of declines following four years of gains. There were 26,099 total bankruptcy filings during 2012 and there were 29,994 during 2011. From 1999 to 2012, the average number of bankruptcies was 23,645 and the median number was 23,645. 2012's total exceeds both those figures.

Two years of decline show some stabilization in household finances, but numbers remain elevated.