As reported by the American Bankruptcy Institute, total bankruptcy filings nationwide declined 12% in 2014 as compared to the previous year. Specifically, consumer filings declined 11%, and commercial filings declined 21%.
Samuel J. Gerdano, Executive Director of the American Bankruptcy Institute, noted that total filings have declined for five consecutive years. He added that not since 2007 has there been less than one million total filings.
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