Bankruptcy Filings Drop Again!
Total bankruptcy filings in the United States dropped 14 percent in January from the same period last year. Local results saw even larger decreases.
California saw a 23% drop in cumulative filings. California ranked 1st compared to all other states with the largest decrease in bankruptcy filings when compared to 2013. For the first time in a long time, fewer than 100,000 bankruptcies were filed in the Golden State. During the height of the Great Recession in 2010, more than 255,000 bankruptcy cases were filed.
Other states seeing a drop in cumulative bankruptcy filings when compared to 2013 include Alaska (-22%), New Hampshire (-21%), Vermont (-22%) and Wyoming (-23%).
The San Joaquin Valley saw bankruptcy case filings drop 23.5% from 2013. This area includes Sacramento, Fresno and Bakersfield, Total cases filed were 20,355. In 2013, the San Joaquin Valley Valley filed 26,606. In 2010, the valley had more than 54,000 bankruptcy cases filed.
Why the decrease in bankruptcy filings? American Bankruptcy Institute Executive Director Samuel J. Gerdano said, "High costs to file and sustained low interest rates continue to reduce the number of consumers and businesses seeking the fresh financial start of bankruptcy." January Bankruptcy Filings Decrease
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Will the last bankruptcy debtor remember to turn off the lights on the way out?
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