Samuel J. Gerdano, Executive Director of the American Bankruptcy Institute, cited continued deleveraging by businesses and individuals due to low interest rates as the primary cause of the decline. Additionally, Mr. Gerdano cautioned that he expects year-over-year filing rates to continue to decline through the end of 2014.
As reported by the American Bankruptcy Institute, total bankruptcy filings nationwide declined 12% in the first half of 2014 (January 1 - June 30) as compared to the previous year. Specifically, consumer filings declined 12%, and commercial filings declined 22%.
Samuel J. Gerdano, Executive Director of the American Bankruptcy Institute, cited continued deleveraging by businesses and individuals due to low interest rates as the primary cause of the decline. Additionally, Mr. Gerdano cautioned that he expects year-over-year filing rates to continue to decline through the end of 2014.
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