Samuel J. Gerdano, Executive Director of the American Bankruptcy Institute, cited low interest rates, deleveraging by both businesses and individuals, and high filings costs as factors contributing to the decline. Additionally, Mr. Gerdano expects year-over-year filing rates to continue to fall in 2014 as companies and households persist in their efforts to cut costs and eliminate debt.
As reported by the American Bankruptcy Institute, total bankruptcy filings nationwide declined 12% in the first quarter of 2014 (January 1 - March 31) 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 low interest rates, deleveraging by both businesses and individuals, and high filings costs as factors contributing to the decline. Additionally, Mr. Gerdano expects year-over-year filing rates to continue to fall in 2014 as companies and households persist in their efforts to cut costs and eliminate debt.
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