Fiscal Year 2015 Bankruptcy Filings Continue to Fall
Sharon Edmondson, Washington Legislative Team Member | October 29, 2015
Bankruptcy filings continued their downward trend, according to statistics released Oct. 28 by the Administrative Office of the U.S. Courts (AOUSC).
Bankruptcy cases filed in federal courts for fiscal year 2015—the 12-month period ending Sept. 30, 2015—totaled 860,182, down 11 percent from the 963,739 bankruptcy filings in FY 2014, according to the AOUSC. This is the lowest number of bankruptcy filings for any 12-month period since 2007, and the fifth consecutive fiscal year filings have fallen, the AOUSC said.
Business vs. Non-Business
Both business and non-business bankruptcies have continued to decline steadily. During the 12-month period ending on Sept. 30, the total number of business filings was 24,985, down from 28,319 in the previous year.
The total number of non-business filings was 835,197, down from 935,420 in the previous year.
Breakdown by Chapter
Bankruptcy filings by chapter of the Bankruptcy Code all decreased.
The number of bankruptcies filed by Bankruptcy Code chapter ending Sept. 30th are as follows:
- Chapter 7 (consumer liquidations) filings totaled 550,036, down from 642,366 the previous year.
- Chapter 11 (reorganizations) filings totaled 7,040, down from 7,658 the precious year.
- Chapter 13 (consumer reorganizations) filings totaled 302,642, down from 313,262 the previous year.