Bankruptcy filings in area continued to fall in November
12/4/2012November case filings in U.S. Bankruptcy Court in Toledo fell 22 percent from a year ago, continuing the trend of fewer bankruptcy cases that began in 2010.
There were 400 cases filed last month in the 21-county northwest Ohio territory covered by the Toledo court, compared to 513 cases filed for the same period a year ago. That marks the smallest number of cases filed in the Toledo court in November since 2006, when there were 352 cases filed.
It also marks the ninth consecutive month that bankruptcy filings have decreased. Since January, 2010, bankruptcy filings have increased in only 4 months and only once in 2012.
Through Nov. 30, bankruptcy filings total 5,378 cases, a decrease of 16 percent compared to the same period in 2011. Filings this year are on pace to end up 14 percent below 2011’s total of 6,853 cases filed.
The highest number of bankruptcy cases filed was in 2005, when 16,883 cases were filed in the Toledo court. That year bankruptcy laws were changed to make it harder for debtors to file while also extending the time period between when they can file again.
Thus far in 2012 there have been 4,886 Chapter 7 liquidation cases filed, a drop of 15 percent from last year. There have been 478 Chapter 13 repayment plan cases filed, a decrease of 30 percent from last year.
Also, there have been just eight Chapter 11 cases, compared to 24 cases through November 2011. There have been three Chapter 12 family farm bankruptcy cases filed and three Chapter 15 foreign debtor cases filed. In 2011 there were no Chapter 12 or Chapter 15 cases filed.