Filing statistics for the Northern District of Illinois have been released for the month of February, 2008. The filing number for Chapter 7 was 1951, Chapter 11 was 10 and Chapter 13 was 962. Overall, the filings amounted to 2923 for the month of February, 2008. This figure results in an increase of 37% from the prior year’s month of February, 2007. While the number of Chapter 7 filings during 2007 hovered around 1,300 on average per month, the figures for 2008 indicate a monthly filing average of 1,900 Chapter 7 filings.
Interestingly, the number of Chapter 13 bankruptcy filings have not correlated to the increase in foreclosure filings. Perhaps there will be a delayed effect or people are simply not attempting to save their homes through Chapter 13 as once thought.