Chapter 7 Bankruptcy filings plummet in New York
Continuing a pattern that started several years ago, the number of Chapter 7 Bankruptcy filings in the Eastern and Southern Districts of New York has plummeted yet again.
In 2013, the Eastern District of New York (comprising Long Island, Brooklyn, Queens and Staten Island) saw 12,657 Chapter 7 Bankruptcy filings.
In 2014, that number fell to 10,512, a reduction of approximately 17%.
2014 Bankruptcy filings
The Southern District of New York (comprising Manhattan and the Bronx, also saw a dip in filings. In 2013, there were 7,374 Chapter 7 filings. In 2014, that number drops to 6,221. A decrease of almost 16%.
No one knows whether this will continue and to what extent. People are speculating as to the reasons behind the drop (more jobs, less foreclosures) but no one can definitively give a reason. Good news for consumers, but not such good news for…ugh, you know…Bankruptcy attorneys in New York.