February 2014 bankruptcy filings totaled 72,193 in the United States. According to the American Bankruptcy Institute, this is a 12% decrease from the 82,336 bankruptcy filings in February 2013. In comparison to last month, February 2014 filings increased approximately 6% from the 68,153 filings in January 2014. ABI Executive Director, Samuel J. Gerdano, was quoted saying, “Low interest rates, tighter lending standards and high costs to file continue to be reflected in fewer bankruptcy filings. As these trends persist, expect bankruptcy filings to continue to decline in 2014.”
In our district, the Eastern District of North Carolina, there were 583 bankruptcy petitions filed in February 2014, bringing the year to date filing total to 1,175. Of the 583 petitions filed, there were 160 Chapter 7 filings, 7 Chapter 11 filings and 416 Chapter 13 filings. In comparison to the 636 bankruptcy filings in the Eastern District of North Carolina in February 2013, February 2014 filings showed a decrease of approximately 9%.