CLLA Update-Bankruptcy Filings for 2014
Sharon Edmondson, Washington Legislative Team Member | February 02, 2015
Bankruptcy filings for the calendar year 2014 fell by nearly 13 percent from the previous year according to statistics released Jan. 28 by the Administrative Office of the U.S. Courts, continuing a downward trend. The total number of bankruptcies filed was 936,795, which is the first time the total has dipped below 1 million since 2007. The total number of filings for the calendar year was also slightly lower than the 963,739 total filings for the fiscal year, which were released in October. The total number of business bankruptcies for 2014 was 26,983 and the total number of non-business bankruptcies was 909,812.
The last three months of 2014 were the first quarter of the Judiciary's 2015 fiscal year, and the total number of bankruptcies for this quarter was 210,590, down from the 238,138 filings in the first quarter of fiscal year 2014, according to the AOUSC statistics.
Breakdown by Chapter
The total number of filings by Chapter was as follows:
- Chapter 7 filings totaled 619,069, down from 728,833 in 2013.
- Chapter 11 filings totaled 7,234, down from 8,980 in 2013.
- Chapter 13 filings totaled 310,061, down from 333,626 in 2013.
The AOUSC's news release with the bankruptcy filing data is available at: http://news.uscourts.gov/bankruptcy-filings-drop-nearly-13-percent-calendar-year-2014