News & Press: Newswire

CLLA Update - Bankruptcy Filings Dropped 6 Percent in 2016

Wednesday, March 22, 2017  
Posted by: Katherine Herrera
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Bankruptcy Filings Dropped 6 Percent in 2016

 

According to the 2016 Annual Report, bankruptcy petitions dropped 6 percent to 805,580 compared to 2015. This was the lowest total since 2007. Consumer or non-business petitions accounted approximately 97 percent of all petitions filed and fell 6 percent to 781,123; business petitions accounted for 3 percent of all petitions and fell 2 percent to 24,457.

 

Chapter 7 – Filings fell 9 percent to 498,367 in 2016 (constituted 62 percent of all filings).

Chapter 7 – Nonbusiness filings fell 9 percent (amounted to 62 percent of all nonbusiness filings).

Chapter 7 – Business petitions fell 8 percent (equaled 62 percent of all business filings).

Chapter 11 – Filings increased 6 percent to 7,450 (The 6,329 business filings amounted to 26 percent of all business filings). 

Chapter 13 – Filings decreased by 1 percent to 299,150 (petitions equaled 37 of all filings).

Chapter 13 – The 296,824 nonbusiness petitions accounted for 38 percent of all nonbusiness petitions.

Chapter 13 – The 2,326 business petitions increased 10 percent from 2015.



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