The total number of bankruptcy filings for all federal courts decreased by 14% in 2012, with a total number of 1,261,140 cases filed last year. (Should be noted that this number is for Fiscal Year 2012 which runs from October of 2011 to September of 2012).
The total of 1,261,140 cases is down from the 1,467,221 cases filed for 2011.
The cases filed in 2012 breakdown as follows:
- 42,008 were business cases- a decrease of 16% (business cases are cases where the debtor is a corporation, partnership or the debts are most related to the operation of a business)
- 1,219,132 were non-business/consumer cases- a decrease of 14%
- 874,337 were Chapter 7 filings- a decrease of 14%
- 10,597 were Chapter 11 filings- a decrease of 12%
- 541 were Chapter 12 filings- a decrease of 20%
- 375,521 were Chapter 13 filings- a decrease of 10%
All in all, bankruptcy filings continue to gradually decrease from the all-time high of 1,596,355 filings from 2010.
If you have any questions about bankruptcy contact an Orange County Bankruptcy Attorney at 1st California Law today at 714-263-6809 for a free consultation.