Bankruptcy filings have taken another plunge, marking a 10-year low for any 12-month period, according to the latest numbers from the Administrative Office of the U.S. Courts (AOUSC).
Annual filings totaled 790,830 through September, compared with 805,580 in the previous year. This was the lowest number of bankruptcy filings for any 12-month period since June 2007, according to the AOUSC. However, the statistics show that Chapter 12 filings totaled 508, an increase from 458 in 2016.
The 2005 amendments to the Bankruptcy Code made Chapter 7, 11 and 13 bankruptcies more complex and expensive, but did not do the same for Chapter 12. The national wave of bankruptcy filings that began in 2008 reached a peak in September 2010 when nearly 1.6 million bankruptcies were filed, according to the AOUSC.
Breakdown of Filings by Chapter for the 12-month period ending Sept. 30, 2017 are as follows:
- Chapter 7 filings totaled 486,542, down from 498,367 in 2016.
- Chapter 11 filings totaled 7,052, down from 7,450 in 2016.
- Chapter 12 filings totaled 508, an increase from 458 in 2016.
- Chapter 13 filings totaled 296,599, down from 299,150 in 2016.
Click here to read more on this story.
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. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken 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 McMaken website at www.miamibankruptcy.com.