Bankruptcy filings take further plunge

Keywords Bankruptcy / Courts / neglect

Personal and business bankruptcies nationwide reached the lowest point since 2006, according to statistics released Thursday by the federal courts.

Overall, bankruptcies declined 8.5 percent for the year ending March 30 compared with the same period in 2015. Bankruptcies across all categories were the lowest in five years with the exception of Chapter 11 filings. Those business reorganization filings rose from 7,053 to 7,380 for the period, an increase of 4.6 percent.

Personal/non-business bankruptcies plummeted 9.4 percent for the period, declining from 884,956 to 808,718. The total number of all categories of bankruptcies for the period – 833,515 – is roughly half the nearly 1.6 million filings in calendar year 2010, during the depths of the Great Recession.

The latest statistics continue a decline in filings that has been felt by Indiana bankruptcy attorneys.

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