August 16, 2016

Bankruptcy Stats 2015 - full year - Consumer

Bankruptcy Stats 2015 – full year – Consumer

Debtor’s non-exempt assets are liquidated and the non-exempt proceeds distributed to creditors.

  • Chapter 11: One-tenth of one percent of petitions filed by individuals with predominantly consumer debt.

Enables businesses and individuals to continue operating while they formulate plans to reorganize and repay their creditors.

  • Chapter 13: Up from 34% in 2014

Debtor keeps his/her assets and reorganizes debts through a Plan of Reorganization.

*All data taken from:   http://www.uscourts.gov/statistics-reports/bapcpa-report-2015  All federal cases nationwide