US Bankruptcy Filings Down Again: Decreased 10.1% in February 2015 - Westgate Law

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US Bankruptcy Filings Down Again: Decreased 10.1% in February 2015

According to Epiq Systems, US bankruptcy filings are down again by 10.1% as of February 2015. Their latest monthly bankruptcy figures indicated a year-over-year decline. That makes 52 straight months of year-over-year declines in the US bankruptcy filing rate.

  • The daily average of US bankruptcy filings in February was 3,422 in comparison to 3,804 in 2014.
  • Total bankruptcy filings in February 2015 were slightly over 65,000.
  • Experts forecast that there will be close to 800,000 bankruptcy filings throughout 2015.

As the first few months of any given year typically see the highest rates of bankruptcy filings, the forecasted rate for 2015 appears to be spot on. (As January and February usually account for about 15.5% of total annual US bankruptcy filings in any given year, the 124,052 filings so far in 2015 should result in the final annual total of 800,000).

Bankruptcy filings are now lower than they have been since 1990. Over the last year, the bankruptcy filing rate per 1,000 persons was 2.95. That’s the first time it’s been under 3.0 in close to 25 years. Experts indicate this is due to the fact that US households are carrying less debt. Although bankruptcy filing rates are at historically low levels nationally, there are varying rates and significant differences in various parts of the country.

The Regions with the 5 Highest Rates of Bankruptcy Filings are:

  1. Tennessee Western
  2. Alabama Middle
  3. Georgia Northern
  4. Illinois Northern
  5. Georgia Southern

Bankruptcy rates are decreasing steadily which is a positive move for the nation, but there are still many who need to seek the protection that bankruptcy law offers. If you need to discuss southern California bankruptcy law, contact the experts at Westgate Law.

About the Author

Justin Harelik

Justin has a singular goal: to get people out of financial distress and move them to financial stability and prosperity. He does this by combining 15 years of in-depth experience in bankruptcy, credit management, debt negotiation and student loan modifications, and he does it with both English and Spanish-speaking clients.

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