Bankruptcy Filings on the Rise
Farm bankruptcies are on the rise across. Eighty-four farms filed for Chapter 12 bankruptcy in Wisconsin, Minnesota, North Dakota, South Dakota and Montana in the 12 months that ended in June.
Tennessee filed 5.23. bankruptcies per 10,000, down 0.34 percent from a year ago. North Dakota has seen the biggest percentage increase in filings compared to this time a year ago.
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The number of Chapter 12 filings has been on the rise since 2014, according to CoBank. There were about 380 filings in 2014. That number spiked to just more than 500 in 2017, according to the report. Joseph A. Peiffer, an agriculture bankruptcy attorney based in Cedar Rapids, Iowa, told DTN he too expects to see more farmers filing for Chapter 12.
Under Chapter 7, the most common type of bankruptcy filing, 85 cases were filed in May 2019, an increase of 7.6% from May 2018. There was also a 23.4% increase in chapter 13 filings over the same period last year. A total of 58 cases were filed this month in contrast to 47 filed in May 2018.
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The first month of 2016 brought both good news and bad news regarding bankruptcy filings. While U.S. bankruptcy filings decreased by 11%, dropping to 52,522, there was a rise in corporate bankruptcy. Compared to the previous year, January 2016 saw a 13% increase in businesses filing for bankruptcy.
Eighty-four farms filed for Chapter 12 bankruptcy in Wisconsin, Minnesota, North Dakota, South Dakota and Montana in the 12 months that ended in June, according to a new analysis from the Federal.
Bankruptcy filings on the rise. In 2005, bankruptcy filings totaled more than 2 million. By comparison, Gerdano expects there will be more than 1.6 million new bankruptcy filings by the end of 2010. The institute also said that bankruptcies totaled 126,270 in June, a jump of 8.5% from the same month in 2009, when they totaled 116,365.
Recent empirical legal scholarship on the consumer bankruptcy system has uncovered a marked rise in the proportion of elder Americans filing.
Quarterly Non Business Filings by Chapter (1994-Present) Quarterly US Business Filings by Year (1980-Present) Annual Business and Nonbusiness Filings by Year (19802017) Chapter 9 Filings (1980-Present) Chapter 15 Filings (2005-Present)
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While U.S. bankruptcy filings decreased by 11%, dropping to 52,522, there was a rise in corporate bankruptcy. Compared to the previous year, January 2016 saw a 13% increase in businesses filing for bankruptcy. Farm bankruptcies are on the rise across. Eighty-four farms filed for chapter 12 bankruptcy in Wisconsin, Minnesota, North Dakota, South.