Oct. 24 --Bankruptcy cases filed in federal courts for fiscal year 2013, which is the 12-month period ending on Sept. 30, 2013, were down 12 percent from the number of cases filed in fiscal year 2012, according to statistics released Oct. 24 by the Administrative Office of the U.S. Courts.
The number of cases filed fell from 1,261,140 in 2012 to 1,107,699 in 2013.
For the 12-month period ending Sept. 30, business bankruptcy filings, those where the debtor is a corporation or partnership, or the debt is predominantly related to the operation of a business, totaled 34,892, down from the 42,008 business filings reported in the 12-month period ending Sept. 30, 2011, according to the AOUSC statistics.
Non-business bankruptcy filings totaled 1,072,807, down from the 1,219,132 non-business bankruptcy filings in the previous fiscal year.
For fiscal year 2013, bankruptcy filings fell for each Chapter:
• Chapter 7 filings totalled 753,995, down from 874,337 in 2012.
• Chapter 11 filings totalled 9,564, down from 10,597 in 2012.
• Chapter 12 filings totalled 405, down from 541 in 2012.
• Chapter 13 filings totalled 343,651, down from 375,521 in 2012.
For the three-month period ending on Sept. 30, 2013, which was the Judiciary's final quarter of fiscal year 2013, bankruptcy filings totaled 267,967, down from the 298,224 bankruptcy cases filed in the final quarter of fiscal year 2012. The total number of business filings in the fourth quarter was 8,119, and the total number of non-business filings was 259,848.
According to the AOUSC statistics, the total number of bankruptcy filings in the fourth quarter broken down by chapter are as follows:
• 177,490 in total Chapter 7 filings;
• 2,317 in total Chapter 11 filings;
• 97 in total Chapter 12 filings; and
• 88,039 in total Chapter 13 filings.
To contact the reporter on this story: Stephanie M. Acree in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Jay Horowitz at email@example.com
The AOUSC's news release with the bankruptcy filing data is available at: http://news.uscourts.gov/bankruptcy-filings-drop-12-percent-fiscal-year-2013
To view additional stories from Bloomberg Law® request a demo now