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March 17, 2005 Bankruptcy Cases On The Rise Again In 2004, 2,309 bankruptcy cases were filed in North Dakota, an increase of 280 cases compared with 2000. This month’s “Economic Briefs,” 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. Nationally, nearly all states (46 of 50) reported increases in the number of bankruptcy cases filed from 2000 through 2004. Four states (California, Hawaii, Delaware and Rhode Island) had a decrease in the number of cases. Overall, bankruptcy cases filed in the United States rose an average of 6.5 percent per year from 2000 through 2004. The number of bankruptcy cases in North Dakota is more than double compared with 10 years ago and approximately three times higher compared with 20 years ago. In 1981, 600 bankruptcy cases were filed in North Dakota. The number of bankruptcy filings rose dramatically during the latter half of the 1990s, reaching a peak in 1999 at 2,200. There was a modest decline in the number of cases after that, but then the number rose again 2004. North Dakota’s trend in bankruptcy filings has followed the national pattern closely. “One important factor in bankruptcy cases is consumer debt, and access to credit cards plays a significant role,” says Richard Rathge, State Data Center director. “For example, in 2001 more than 72 percent of families in the United States had credit cards. The majority (53.7 percent) of these families maintained a balance from the previous month, with the median balance being $1,800,” Rathge says. Data from the survey of consumer finance shows that more than one in four families with credit cards usually does not pay off the balance of its monthly credit card debt. This proportion jumps to one in three for those under age 35. ### Source: Richard
Rathge, (701) 231-7980, Richard.Rathge@ndsu.edu
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