Bankruptcy Filings Decline in 2015

January 26, 2016

Some good news for creditors: bankruptcy filings for the twelve month period ending September 30, 2015 declined nearly 11% compared to the year prior. Chapter 7 filings were down more than 14%.  We wondered if would-be Chapter 7 debtors sought relief under Chapter 13 instead, but the answer is no.  Chapter 13 filings were also down, albeit a more modest 3.4%.  Business filings decreased slightly more than non-business filings (11.8% v. 10.7%).

Some of the raw data generated by the U.S. Bankruptcy Courts:

Year          Total No. of Filings           Chapter 7          Chapter 11           Chapter 13

2014              963,739                               642,366              7,658                      313,262

2015              860,182                               550,036              7,040                      302,642

+ / –              -103,557                              -92,330               -618                        -10,620

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