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Business Filings Fall in Fiscal Year 2015 for Sixth Consecutive Year
The Administrative Office of the U.S. Courts has reported that bankruptcy cases filings in the federal courts have fallen by nearly 11% overall for the fiscal year 2015 ' the 12-month period ending Sept. 30, 2015. For FY 2015 there were a total of 860,182 petitions filed compared with 963,739 bankruptcy filings in FY 2014. This is the lowest number of bankruptcy filings for any 12-month period since 2007, and the fifth consecutive fiscal year filings have fallen.
Of greater concern to business bankruptcy practitioners is that business filings are down 12% for this fiscal year. There were 24,985 business cases filed in FY 2015 compared with 28,319 the year before. While commercial bankruptcy counsel are accustomed to the cyclical nature of their practice, this acknowledgment is cold comfort to the reality that the total number of business filings over the past two years combined is less than the single year highs of 58,651 and 58,322 business filings recorded in FY 2009 and FY 2010, respectively. It should also be noted, however, that in FY 2007, the year before the global recession, business filings stood at 25,925, only slightly less than the 24,985 cases filed for FY 2015.
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