As reported by the American Bankruptcy Institute, total bankruptcy filings nationwide declined 16% in August 2014 as compared to the previous year. Specifically, consumer filings declined 15%, and commercial filings declined 30%. This represents the largest year-over-year drop thus far in 2014.
Samuel J. Gerdano, Executive Director of the American Bankruptcy Institute, commented that the drop reflects the overall financial landscape that individuals and businesses continue to face. Mr. Gerdano also suggested that high filing costs and low interest rates will contribute to additional declines for the remainder of 2014.