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Consuming Interests
Business Consuming Interests

Fewer American consumers filing for bankruptcy

The Administrative Office of the U.S. Courts reports that business and personal bankruptcies have fallen in the past year by 8 percent over the year before.

Maybe the drop off occurred because the most desperate businesses and consumers have already filed.

For the past 12 months ending Sept. 30, a total of 1,467,221 individual and companies filed for relief from creditors. Most of those — 1,417,326 — are personal bankruptcies.

In comparison, 1,596,355 bankruptcies were filed for the 12-month period last year. Of those, 1,538,033 were personal bankruptcies.

Chapter 7 filings, in which businesses and consumers wipe out all debt, reached 1,036,950 this year, a 10 percent decrease from last year. Chapter 13 filings, in which consumers agree to a repayment plan, fell 4 percent to 434,839 in the past 12 months.

Copyright © 2015, The Baltimore Sun
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