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2014 Nationwide Bankruptcy Filing Dropped 12 Percent

Bankruptcy filings have dropped 12% this year, but that is not necessarily a good thing... In a recent report by American Bankruptcy Institute(ABI) partnered with Eqip Systems, Inc., their data states that over 900,000 nationwide bankruptcies were filed in 2014, which is a 12 percent drop from over a million filings the previous year in 2013.

Bankruptcy filings are on a downward slope for five years now, and this is the first year that they have dropped below one million filings. According to American Bankruptcy Institute, low interest rates and high filing costs are turing individuals and businesses away from the Bankruptcy Code for a new financial start. 

In order to allow businesses a more accessible and reasonable way to afford the power of the Bankruptcy Code, ABI has released a new report in December containing recommendations for updating chapter 11 laws; some ways include for the Code to take into account the current corporate climate and to encourage those in debt to file for bankruptcy before liquidation needs to occur. 

Reforms to the Code are necessary with a constantly changing economy; it is crucial to make sure individuals and businesses have access to bankruptcy if they are in over their head in debt. Bankruptcy is a difficult situation to be in for anyone, and having laws and experienced attorneys who are there to aid debtors in their bankruptcies is reassuring to anyone who is experiencing or might experience a bankruptcy.

Work Cited: 

Total Bankruptcy Filings Down 12 Percent in Calendar Year 2014, Commercial Filings Down 22 Percent (Total Bankruptcy Filings Down 12 Percent in Calendar Year2014, Commercial Filings Down 22 Percent) http://news.abi.org/pressreleases/total-bankruptcy-filings- down-12-percent- in-calendar-year-2014-commercial-filings-dow 

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