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Bankruptcy rates continue to drop in Pennsylvania

In the Western District of Pennsylvania, the region that contains Pittsburgh, the number of businesses that are filing for bankruptcy has continued to go down. This trend led to only 62 filings since the start of 2014.

Just one year ago, there were 65 filings. This year's number of 62 is the second lowest that the region has seen in the last ten years. The absolute lowest was all the way down at 58. That happened in the fourth quarter last year, in 2013.

When looking at the total numbers and not just the regional ones, the stats are continuing in the same trend. There were a grand total of 1,931 filings in this first quarter. Last year, during the same time period, there were 2,099. The last quarter in 2013 was lower, hitting just 1,833, but this still shows that things are moving in the same direction.

On the national level, the United States saw a total for the last three months of 231,647 bankruptcy filings. This shows a drop from a year ago of right around 12 percent. However, just 9,048 of these were commercial bankruptcy cases, which was a more drastic drop of around 22 percent.

A few different reasons for this trend have been cited, including the fact that interest rates have stayed low and that filing itself can be expensive.

While the rates may have been dropping, there are still going to be thousands of bankruptcy filings in Pennsylvania this year, for Chapter 13 bankruptcy, Chapter 11, Chapter 7 and others. Anyone who is interested in using this as a tactic for eliminating debt should be fully aware of the legal steps needed before beginning.

Source: Pittsburgh Business Times, "Business bankruptcy filings still falling in Pittsburgh region" Patty Tascarella, May. 27, 2014

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