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Bankruptcy rate falls in commercial and noncommercial sectors

| Apr 18, 2014 | Chapter 7

In Oregon as well as throughout the nation, many people with financial challenges have sought help with high, overwhelming debt in recent years. For individuals or couples, Chapter 13 or Chapter 7 bankruptcies have been able to offer help and the ability to get a fresh start. Many companies as well have found a bankruptcy to be an effective way of restructuring and keeping their businesses afloat.

The American Bankruptcy Institute and Epiq Systems, Inc. have recently announced the latest statistics for bankruptcy filings in the United States. The data, as reported in a current news article, shows that the rate of both commercial and non-commercial bankruptcy filings has decreased so far in 2014. This is based upon comparing data from January 1 to March 31 of 2013 to the same time period of 2014. Theories as to the reason for the decrease include the cost of filing for bankruptcy and the low interest rates available.

Commercial bankruptcy filings decreased the most by a total of 22 percent overall. In the first quarter of 2013, 11,611 cases were filed compared to 9,048 cases in 2014. Non-commercial bankruptcy filings saw a decrease of 12 percent, dropping from 252,024 in 2013 to 222,599 in 2014. Put together, a drop of nearly nine percent is seen. In 2013, 263,635 total bankruptcy cases were filed in the first quarter and in 2014 that number was 231,647.

When debt relief is needed to stop creditor harassment, stop wage garnishment or more, a bankruptcy can help to alleviate personal debt. If you are facing serious financial challenges and do not know your full options, you may wish to talk to a bankruptcy attorney for help.

Source: ACA International, “ First Quarter Bankruptcy Filings Decrease 12 Percent From 2013 ,” April 3, 2014

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The Law Office of Kim Covington is a debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 19 years.