Continued low interest rates and high filing costs have deterred consumers and businesses away from filing bankruptcy, according to the American Bankruptcy Institute. Bankruptcy filings in the U.S. totaled 910,090 in for calendar year 2014 (Jan. 1-Dec. 31), a 12 percent decrease from the 1,032,572 total filings during the same period a year ago. Noncommercial filings, were 875,635 during calendar year 2014, and represented an 11 percent decline from the 988,489 noncommercial filings during calendar year 2013, according to the American Bankruptcy Institute.
In December 2014, total bankruptcy filings declined 5 percent to 63,090 when compared to the 66,530 filings in December 2013. There were 60,625 total noncommercial filings in December 2014, also representing a 5 percent drop from the December 2013 noncommercial filings, which totaled 63,621.
The ABI Commission to Study the Reform of Chapter 11 released a report in December containing recommendations for modernizing chapter 11 business reorganizations. The final report recommends, “Improvements to the code to account for today’s evolving corporate climate and to encourage debtors to file before they have to liquidate.”
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http://www.acainternational.org/creditors-bankruptcy-filings-decrease-by-12-percent-in-2014-34672.aspx
If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.
