The total number of bankruptcy cases filed in federal courts for the fiscal year 2014 dropped 13 percent as compared with FY 2013, the Administrative Office of the U.S. Courts announced Wednesday. This is the lowest number of bankruptcy filings for any 12-month period since 2007.
There were 963,739 cases filed from Oct. 1, 1013, to Sept. 30, 2014; the same 12-month period in 2013 yielded 1.1 million filings.
Filings totaled 13,907 in the Northern District of Indiana in FY 2013, a 14.1 percent drop when compared to the 11,952 cases filed in FY 2014. The Southern District of Indiana saw an 11.9 percent drop, with filings going from 20,588 in FY 2013 to 18,147 in FY 2014.
Terminations dropped 8 percent and 0.7 percent in the Northern and Southern Districts, respectively. Pending cases dropped 9.7 percent in the Northern District and 11.9 percent in the Southern District.
More information about the bankruptcy filings is available on the U.S. Court’s website.