By Alfred Villoch, III, Esquire, with Savage, Combs & Villoch, PLLC
Consumer bankruptcy filings are down 12 percent so far in 2014, according to Epiq Systems, Inc., and as reported by the American Bankruptcy Institute. See “Bankruptcy Filings Through First Three Quarters of 2014 Fall 12 Percent from 2013, Commercial Filings Fall 22 Percent.” The total consumer filings nationwide this year are 705,452. Commercials filings are down 22 percent over the same period. The total commercial filings are 26,767.
The top bankruptcy-filing states per capita are Tennessee, Alabama, Georgia, Utah, and Indiana. Surprisingly, Florida is not in the top 5.
ABI Executive Director, Samuel J. Gerdano, believes that “[t]he continued decline in bankruptcy filings corresponds to sustained low interest rates and high costs of filing.” He commented that “[t]otal filings are on track to fall under 1 million for the first time since 2007.”
For more information about bankruptcy, please call Savage, Combs & Villoch, PLLC, at 813-200-0013. Also, please visit www.savagelaw.us!