January 2014 bankruptcy filings totaled 68,153 in the United States. According to the American Bankruptcy Institute, this is a 13% decrease from the 78,602 bankruptcy filings in January 2013. In comparison to last month, January 2014 filings increased 3% from the 66,502 filings in December 2013. ABI Executive Director, Samuel J. Gerdano, was quoted saying, “High costs to file and sustained low interests rates continue to steer consumers and businesses away from the fresh financial start of bankruptcy. The year-over-year filing totals have now declined for 38 consecutive months.”
In our district, the Eastern District of North Carolina, there were 591 bankruptcy petitions filed in January 2014. Of the 591 petitions filed, there were 167 Chapter 7 filings, 13 Chapter 11 filings and 411 Chapter 13 filings. In comparison to the 653 bankruptcy filings in the Eastern District of North Carolina in January 2013, January 2014 filings showed a decrease of approximately 10%.