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North Dakota Bankruptcy Cases Up in 2009

North Dakota’s trend in bankruptcy filings has closely followed the national pattern of change.

North Dakota bankruptcy cases filed in federal court totaled 1,590 in fiscal year 2009 (12-month period ending Sept. 30, 2009). This number is down significantly from the first half of the decade, but up 20 percent when compared with the 1,330 filings in fiscal year 2008.

Nationwide, bankruptcy filings dropped abruptly during 2006 after implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). On April 20, 2005, President Bush signed into law the BAPCPA which made substantial changes to the bankruptcy code (most provisions took effect in October 2005). For more information on the BAPCPA, go to http://www.justice.gov/ust/eo/bapcpa/.

This month’s “Economic Brief,” a monthly publication from the North Dakota State Data Center at North Dakota State University, focuses on the number of bankruptcy cases filed by state as reported by the Administrative Office of the U.S. Courts.

North Dakota’s trend in bankruptcy filings has closely followed the national pattern of change. In fiscal year 1987, North Dakota bankruptcy filings totaled 1,148. The number of filings dramatically rose during the latter half of the 1990s, reaching 2,157 in fiscal year 1998. After minimal change in bankruptcy filings in the early 2000s, the number of filings rapidly rose to 2,878 in fiscal year 2005.

The implementation of BAPCPA produced a sharp drop in filings (1,090) in 2007. Bankruptcy filings rose to 1,590 in fiscal year 2009.

From 2008 to 2009, all states experienced an increase in bankruptcy filings. Nationally, the number of bankruptcy cases filed in federal court grew 35 percent during this time.

“North Dakota’s increase in bankruptcy cases between 2008 and 2009 (19.5 percent) was about half the rate of the nation,” says Richard Rathge, State Data Center director. “North Dakota had the fifth lowest increase behind Alaska, Pennsylvania, Nebraska, and Louisiana. This reflects the relative strength of our state’s economy in spite of the national recession.”

Nonbusiness filings, the majority of North Dakota bankruptcy cases, totaled 1,523 in fiscal year 2009, which was up from the 1,270 nonbusiness filings in fiscal year 2008. Business filings for North Dakota totaled 67 in fiscal year 2009, which is up from the 60 business filings in fiscal year 2008.


NDSU Agriculture Communication

Source:Richard Rathge, (701) 231-8621, richard.rathge@ndsu.edu
Editor:Rich Mattern, (701) 231-6136, richard.mattern@ndsu.edu
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Bankrupcty Cases by State Preview
(0420 Economic brief.pdf - 144.39 Kb)
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