As reported by the American Bankruptcy Institute, total bankruptcy filings nationwide declined 12% in February 2014 as compared to the previous year. Specifically, consumer filings declined 12%, and commercial filings declined 24%.
Samuel J. Gerdano, Executive Director of the American Bankruptcy Institute, cited low interest rates, stricter lending standards, and high filings costs as factors contributing to the decline. Additionally, Mr. Gerdano cautioned that if these trends continue, then bankruptcy filings will likely continue to decline.
Samuel J. Gerdano, Executive Director of the American Bankruptcy Institute, cited low interest rates, stricter lending standards, and high filings costs as factors contributing to the decline. Additionally, Mr. Gerdano cautioned that if these trends continue, then bankruptcy filings will likely continue to decline.
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