In the year ending September 30th, new bankruptcy filings decreased by 21%+ primarily due to a fall in non-business bankruptcies. Likewise, business bankruptcies marginally decreased by 2%+. The total number of bankruptcies decreased from 776,674 in the year ending in September 2019 to 612,561 in the year ending in September 2020, according to the Administrative Office of the U.S. Courts. However, while non-business and business bankruptcies declined, new Chapter 11 business reorganizations increased by 12%+ in the 12-month period.
Decreased filings are speculated to primarily be attributed to: 1. the known trend of bankruptcy filings gradually increasing after an economic downturn begins and 2. new bankruptcy filings could be affected by pandemic-related court disruptions.
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