Bankruptcy Stats 2015 – full year – Consumer
- Chapter 7: Down from 66% in 2014
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