Total Number of Bankruptcy Filings Hits Lowest Number Since 2007
Sharon Edmondson, Washington Legislative Team Member | August 07, 2015
The AOUSC released its bankruptcy report on July 28, showing that bankruptcy filings continued to fall.
Bankruptcy filings for the 12-month period ending on June 30, 2015 dropped 12 percent compared to the prior 12-month period. The total number of bankruptcies is the lowest total for a 12-month period since the economic collapse of 2008. The 879,736 total bankruptcies is the first time the total has dipped below 900,000 since the 12-month period preceding December 2007.
Breakdown by Chapter
The number of bankruptcies filed by Bankruptcy Code chapter ending June 30 are as follows:
- Chapter 7 (consumer liquidations) filings totaled 568,679, down from 669,976 the previous year.
- Chapter 11 (reorganizations) filings totaled 6,672, down from 8,347 the precious year.
- Chapter 13 (consumer reorganizations) filings totaled 303,945, down from 321,278 the previous year