December 2013 and Year End Bankruptcy Statistics
December 2013 bankruptcy filings totaled 66,478 in the United States, bringing the nationwide filing total to 1,032,326 for the 2013 calendar year. According to the American Bankruptcy Institute, the December 2013 bankruptcy filings show a 12% decrease from the 75,691 bankruptcy filings in December 2012 and a 10% decrease from the 74,021 bankruptcy filings in November 2013. In total, 2013 bankruptcy filings were down 13% from the 1,186,137 filings in 2012.
ABI Executive Director, Samuel J. Gerdano, was quoted saying, “The 2013 filings represent the lowest total since 2007, and they have dropped each year since 2010. Annual bankruptcy filings will likely continue to drop amid sustained low interest rates and high costs to file. As fewer consumers and businesses turn to the Bankruptcy Code for a financial fresh start, the court system, which relies on bankruptcy filing fees for funding, is also affected.” Gerdano continued on saying, “To make sure that justice remains accessible, ABI joined four other national organizations to express strong support for the Federal Judiciary’s FY 2014 funding appeal.”
For comparison, total United States bankruptcy filings for the years 2007-2013 are listed below:
- 2007- 827,412
- 2008- 1,096,728
- 2009- 1,448,637
- 2010- 1,561,799
- 2011- 1,380,263
- 2012- 1,186,137
- 2013- 1,032,326
In our district, the Eastern District of North Carolina, there were 580 bankruptcy petitions filed in December 2013, increasing the yearly total to 7,996. Of the 580 petitions filed, there were 171 Chapter 7 filings, 17 Chapter 11 filings and 392 Chapter 13 filings. In comparison to the 638 bankruptcy filings in the Eastern District of North Carolina in December 2012, December 2013 filings showed a decrease of approximately 9%. In total, 2013 bankruptcy filings in the Eastern District of North Carolina were down 12% from the 9,108 filings in 2012.
For more than 20 years, the Sasser Law Firm has been helping individuals and business owners sort through financial hardships to see the light at the end of the tunnel. Our North Carolina bankruptcy attorneys are all board-certified specialists, which means we have passed a complex exam, undergone a thorough peer review, and continue to earn legal education credits in this ever-evolving area of law.