Indiana saw fewer bankruptcies for the fiscal year ending Sept. 30, 2011, than it did the year before, with the state improving its national ranking based on case filings.
The Administrative Office of the U.S. Courts released bankruptcy filing statistics Monday, showing an 8 percent decrease in the number of bankruptcy filings throughout the country between Oct. 1, 2010, and Sept. 30, 2011.
Nationally, courts saw 1,467,221 cases this year compared to the 1,596,355 million filed the year before. Filings dropped during the judiciary’s fourth quarter with 15 percent fewer than in the same three-month period in 2010. Overall, Chapter 7 filings were down 10 percent, Chapter 13 filings dropped 4 percent, and Chapter 11 filings decreased by 16 percent nationwide.
The 7th Circuit Court of Appeals that includes Indiana, Illinois and Wisconsin saw a 10 percent drop in bankruptcy filings overall, the figures show. A total 161,182 were filed last year and 145,018 by the end of this year’s fiscal year.
In the Northern District of Indiana, figures show filings decreased 15.7 percent – 16,477 by Sept. 30, 2011, compared to 19,538 by that time in 2010. The Chapter 7 filings dropped by 16 percent while the Chapter 13 filings decreased by 13.4 percent.
In the Southern District of Indiana, overall filings decreased by 14.5 percent – 24,727 this year compared to 28,905 last year. The Chapter 7 filings decreased by 13.8 percent and the Chapter 13 filings dropped by 15.5 percent, statistics show.
Fewer filings improved Indiana’s national bankruptcy ranking. The state is ranked seventh this year in overall filings, compared to fourth last year. Indiana was third last year in Chapter 7 filings, and this year the state ranked sixth. Indiana dropped from 10th to 11th place in Chapter 13 filings.