Bloomberg Law’s® Bankruptcy Law News publishes case summaries of the most recent important bankruptcy law decisions, tracks major commercial bankruptcies, and reports on developments in bankruptcy...
By Diane Davis
Feb. 4 — Bankruptcy filings during the 12-month period ending Dec. 31, 2015, dropped 9.9 percent, according to new statistics released Feb. 4 by the Administrative Office of the U.S. Courts (AOUSC).
The AOUSC's statistics reveal that 844,495 cases were filed in federal bankruptcy courts during the 12-month period ending Dec. 31, 2015, down from the 936,795 bankruptcy cases filed in calendar year 2014.
This is the lowest number of bankruptcy filings for any 12-month period since 2007, and the fifth consecutive calendar year that filings have fallen, the AOUSC said.
Both business and non-business bankruptcies have continued to decline steadily.
During the 12-month period ending Dec. 31, 2015, the total number of business filings was 24,735, down from 26,983 in the previous year.
The total number of non-business filings was 819,760, down from 909,812 in the previous year
Bankruptcy filings by chapter of the Bankruptcy Code decreased for Chapter 7 filings, in which a debtor's nonexempt assets are liquidated and the proceeds are distributed to creditors, and Chapter 13 filings, which allow individuals receiving regular income to obtain debt relief while retaining their property by proposing a plan that uses future income to repay a portion of their debts over a three to five year period.
Bankruptcy filings increased for Chapter 11 filings, which is for businesses or individuals whose debts exceed the statutory thresholds for Chapter 13, and Chapter 12 filings, which is for family farmers or fishermen.
The number of bankruptcies filed by Bankruptcy Code chapter ending Dec. 31, 2015, are as follows:
To contact the reporter on this story: Diane Davis in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Jay Horowitz at email@example.com
Full text of the AOUSC's news release is available at: http://www.uscourts.gov/news/2016/02/04/bankruptcy-filings-drop-10-percent-calendar-year-2015
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)