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The pace of bankruptcy filings is slowing down to pre-recession levels.
The Cheap Beats Headphones number of individuals and businesses seeking protection against creditors plunged in the first six months of the year, a new report showed.
Released Thursday by the American Bankruptcy Institute and Epiq Systems,Beats For Sale Online 4TmT10JsKoIISTO Beats Studio, Beats Studio Headphones Cheap the report found that filings overall fell 14%, to 632,130, from January to December compared to the same period last year.
Businesses declaring bankruptcy dropped 22% in that period, to 30,946, while the number of individuals who filed was 13% lower, to 601,184.
The number of filings are on pace to be the lowest since at least 2007, according to ABI executive director Samuel Gerdano, who credits historically low interest rates for the dramatic drop, especially for businesses.
The low interest rates especially impact commercial bankrupt filings so that debt is easier to refinance at terms that are favorable to the borrowers, Gerdano told the Daily News.
Non-business bankruptcy filings by individuals are historically more than 90% of the total number of annual filings.
In 2007,Buy Beats For Cheap 6YbC29ZoJzYPAOU Beats For Sale, business and individual bankruptcies combined were 850,000,according to ABI data. That number peaked at nearly 1.6 million in 2010 as the financial crunch worsened, with more than 56,000 businesses and 1.53 million people filing for protection.
Last year, total bankruptcies fell to 1.4 million as the economy began its slow recovery.
Despite a further drop this year, several high-profile companies have filed, including Eastman Kodak and Hostess Brands.
Bankruptcies are still high and 1.2 million new cases a year is still an elevated Cheap Beats Studio number, but it is lower than it’s been since the financial crisis in 2008,Beats For Sale 7LaR61OkTsGQAMQ Cheap Beats Studio, Gerdano said.
Given the unemployment rate and the overall economy, it’s a surprisingly low number.
With News Wire Services