Bankruptcies Drop: ‘The Worst I’ve Seen in 30 Years’

Bankruptcy filings declined by 12 percent for the year ending March 21, 2015, according to a new U.S. Court report.

The report, released April 27, said business and non-business bankruptcy filings dropped by 127,194 — totaling 911,086, compared to 1,038,280 cases filed in the preceding 12-month period ending March 31, 2014.

This is consistent with the “sustained downturn” in Chapter 11 filings, according to David Neff, chair of Perkins Coie’s Bankruptcy & Restructuring group.

Neff said the bankruptcy business is “the worst I’ve seen in 30 years,” a trend he said all bankruptcy lawyers are seeing.

He attributed this to a ...