Bankruptcy filings down in 2013

Bankruptcy filing totaled 801,783 nationwide during the first nine months of 2013 ( Jan-Sept), a 13 percent decrease from the 921-927 total filings recorded during the same period a year ago, according to data provided by Epiq Systems, Inc.  the 767-445 total noncommercial filings for the first three quarters of 2013 represented a 13 percent drop form the noncommercial filing total of 877,123 during the first three quarters of 2012.  Total commercial filings during the first nine months of the year were 34,338, a 23 percent decrease from the 44,804 filings during the same period in 2012.  Chapter 11 represented a 14 percent decrease from the 5,999 chapter 11 filings during the first nine months of 2012

“Sustained low interest rates and sluggish consumer spending since the financial crisis have suppressed bankruptcy filings to 2008 levels” said ABI executive Director Samuel J. Gerdano.  “Some individuals are too broke to afford the cost to file bankruptcy.”

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