July 6, 2017
The U.S. Courts released new bankruptcy figures showing that bankruptcy filings dropped in 2016. Specifically, consumer bankruptcies (filings by people whose debts are not primarily business debts) totaled 750,000, representing a 6% decline from 2015.
The report included other notable trends, such as:
The bankruptcy districts reporting the highest and lowest asset totals were:
The data is part of the 2016 Report of Statistics mandated by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. You can read the report in its entirety on the website of the U.S. Courts.
Effective date: July 6, 2017