US Bankruptcy Filings Fall for Second Year

San Francisco Bankruptcy Court
San Francisco Bankruptcy Court

The federal courts have a bit of good news for the general economy: bankruptcy filings fell over 14 percent for the 12 months ending March 31, 2013, according to a report Monday by the Administrative Office of the U.S. Courts.

Total filings fell from 1.37 million to 1.17 million, according to the AOC.  That continues the decline from the 2011 high of 1.57 million.

In the nine western states and Pacific territories of the 9th Circuit, the total filings were 269,000, with California leading the way in pure volume at 173,000.  That’s 64 percent of the total.  California was followed by Washington state, 27,000 and Nevada, 17,000.

Filings by Category

The largest number of filings are Chapter 7 liquidation, with 805,000 nationwide, followed by Chapter 11 reorganization at nearly 10,000.

As for much-feared municipal and other public sector bankruptcies there were 20 nationwide. California leads the country with five, followed by Minnesota with 3, and two each in Texas, Nebraska, the middle district of Florida and southern district of Georgia.

 Report by circuit and district.

 

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