“Filing for bankruptcy” is like a divine option for people stuck in a hard financial condition. It’s true that people in any financial situation want to avail the benefits of bankruptcy. Besides non-business entities, business entities also file for bankruptcy every year. For instance, “American Apparel filed for chapter 11 bankruptcy protection on 5th Oct 2015.”
So, how was 2015 as per bankruptcy filings? Was it more or less? Were people better money wise this year? Let’s find out through some recent statistics:
*This year, bankruptcy filings totaled at 629,570 during the first nine months from 1st January to 30th September. According to the data provided by Epiq Systems, Inc, it was 11% less from the total filings (705,728) as compared to the previous year at the same time.
*During the first nine months of 2015, noncommercial filings declined to 11%, whereas commercial filings decreased by 17% as compared to 2014:
- 2015: number of noncommercial filing was 607,182; commercial filing was 22,388
- 2014: number of noncommercial filing was 678,804; commercial filing was 26,924
“The 67,116 total bankruptcy filings for the month of September represented an 8.5 percent decrease compared to the 73,352 filings in September 2014.”
*In 2015, the average national per capita bankruptcy-filing rate for the first three-quarters from 1st January to 30th September has decreased to 2.70 (total filings per 1,000 population), as compared to 2.71 for the first eight months of the year. The average daily bankruptcy filing declined by 8.5% this year in comparison to last year.
*In the first nine months of 2015, states with the highest per capita filing rate (total filings per 1,000 population) are:
- Tennessee (5.81)
- Alabama (5.41)
- Georgia (5.08)
- Illinois (4.43)
- Utah (4.41)
*Epiq Systems had utilized AACER’s data and compiled a report regarding bankruptcy filings in 2015. AACER (Automated Access to Court Electronic Records) permits lenders and law firms to effortlessly and efficiently monitor and recover electronic data from bankruptcy dockets nationwide. It showed that September 2015 was the second lowest bankruptcy filing month of the year with only 62,358. On the other hand, January 2015 is the only month that had fewer bankruptcy filings than September 2015, with 59,087.
“Bankruptcy filings for the 12-month period ending March 31, 2015, fell 12 percent when compared to bankruptcy filings for the 12-month period ending March 31, 2014, according to statistics released today by the Administrative Office of the U.S. Courts. March 2015 bankruptcy filings totaled 911,086, compared to the 1,038,280 bankruptcy cases filed in the 12-month period ending March 31, 2014.”
*As per the news released by the American Bankruptcy Institute with data from Epiq Systems, Inc, bankruptcy filings dropped by 12% in the first half of 2015. During the first six months of 2015, total bankruptcy filings were 422,782, which showed a decrease of 12% when compared to the total filings of 479,573 for the first six months of 2014.
In 2015, both commercial and consumer bankruptcy filings have gone down to a certain percentage as compared to the last year. This showed that people were more financially savvy in 2015.
