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Why are Bankruptcy Filings Down?

11/18/2021

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Author: Andrew M. Thaler

​          I am on the Chapter 11 Advisory Committee for the Bankruptcy Court for the Eastern District of New York, a committee comprised of Bankruptcy Judges in the District and experienced bankruptcy practitioners. At a recent meeting there was a discussion of bankruptcy filings in the Eastern District and National trends.  Despite the fact that many individuals and businesses are in financial distress, it has been somewhat counterintuitive to my non-bankruptcy lawyer colleagues, friends and acquaintances to comprehend that bankruptcy has been on the decline and that business for bankruptcy lawyers has been extremely slow.

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Total Bankruptcy Filings Down 10% in 2015

1/12/2016

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As reported by the American Bankruptcy Institute, there were a total of 819,240 bankruptcies filed in 2015 as compared to 910,397 bankruptcies filed in 2014.
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Bankruptcy Filings Through First Three Quarters of 2015 Fall 11 Percent from 2014

12/10/2015

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As reported by the American Bankruptcy Institute, total bankruptcy filings nationwide declined 11% through the first three quarters of 2015 as compared to 2014. Specifically, consumer filings declined 11%, and commercial filings declined 17%. As a reminder, the first three quarters of 2014 as compared to 2013 showed a 12% decline in consumer filings and a 22% decline in commercial filings.
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2014 Bankruptcy Filings down 12% from 2013

1/6/2015

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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%.
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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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November Bankruptcy Filings down 16% from 2013

12/5/2014

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As reported by the American Bankruptcy Institute, total bankruptcy filings nationwide declined 16% in October 2014 as compared to the previous year. Specifically, consumer filings declined 15%, and commercial filings declined 27%.
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Samuel J. Gerdano, Executive Director of the American Bankruptcy Institute, cited lukewarm consumer spending, sustained low interest rates, and the high cost of filing as factors contributing to overall the decline in filings this year.
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