March 2014 bankruptcy filings totaled 91,234 in the United States. According to the American Bankruptcy Institute, this is an 11% decrease from the 102,696 bankruptcy filings in March 2013. In comparison to last month, March 2014 filings increased approximately 26% from the 72,207 filings in February 2014. ABI Executive Director, Samuel J. Gerdano, was quoted saying, “Bankruptcy filings continue to fall due to persistent low interest rates, sustained deleveraging by businesses and households and the high cost of filing. Declining year-over-year bankruptcy totals will likely extend through 2014 as companies and families remain committed to cutting costs and shoring up their balance sheets.”
In our district, the Eastern District of North Carolina, there were 635 bankruptcy petitions filed in March 2014, bringing the year to date filing total to 1,810. Of the 635 petitions filed, there were 217 Chapter 7 filings, 9 Chapter 11 filings and 409 Chapter 13 filings. In comparison to the 770 bankruptcy filings in the Eastern District of North Carolina in March 2013, March 2014 filings showed a decrease of approximately 17.5%.