Bankruptcy filings hit a 10-year low nationwide in 2016, a new federal judiciary report shows.
According to data released by the United States Courts Wednesday, 794,960 cases were filed in federal bankruptcy courts in the 12-month period ending Dec. 31, 2016, down 5.9 percent from the same time in 2015. Of those cases, the majority were Chapter 7 filings, followed by Chapter 13, Chapter 11 and Chapter 12.
The 2016 filings are the represent the lowest amount since 2006 and the sixth consecutive calendar year that the number of filings has fallen. Additionally, 2016 was the first calendar year since 2011 that the annual rate of decline was less than 10 percent.
There were a total of 24,207 filings in Indiana’s Northern and Southern District bankruptcy courts during the 12-year period ending Dec. 31. Counties with the highest number of filings included Marion County with 4,565, Lake County with 2,851, Allen County with 1,536, Hamilton County with 697, and Vanderburgh County with 657.
The full report, as well as additional data broken down by state and county, can be read here.