Decline In Bankruptcy Filings Slowing
IL for www.theindianalawyer.com
Bankruptcy filings in federal courts continue to fall, but the rate of decline is slowing.
According to the Administrative Office of the U.S. Courts, business and non-business filings dropped to 794,492 in the 12-month period ending March 31. This is a 4.7 percent decline from the same period in 2016.
It is also the smallest decrease in recent years. The decline from March 2015 to March 2016 was 8.5 percent while the fall from March 2014 to March 2015 was 12.2 percent.
For the 12-month time frame that ended March 31, 2013, the total number of bankruptcy filings reached 1,174,324.
Indiana district courts have also posted a reduction in filings.
The U.S. Bankruptcy Court for the Northern District of Indiana logged a total of 9,647 bankruptcy petitions in the 12-month period that ended March 31, 2017. Lake County was the largest contributor with 2,833 filing followed by Allen Count with 1,500 filings.
The U.S. Bankruptcy Court for the Southern District of Indiana posted a total of 14,471 bankruptcy filings for the same period. Marion County led the pack with 4,675 filings and Hamilton County was second with 687 filings.
Comparatively, for the year that ended March 31, 2016, the Northern District registered 10,603 bankruptcy filings and the Southern District tallied 15,395 filings.
