New bankruptcy filings drop in Maryland
Posted: 1:56 pm Mon, November 7, 2011
Bankruptcy filings in Maryland dropped by more than 10 percent overall for fiscal 2011, according to federal court data.
That’s slightly better than the national average, according to latest figures from the U.S. Courts. Total filings in the U.S. dropped about 8 percent for the fiscal year, which ended Sept. 30.
Bankruptcies commenced in Maryland during that period totaled 26,829, compared to 29,938 for the prior 12 months.
New filings here were down across the board, with business cases dropping nearly 22 percent, from 879 to 686 overall. Of those, Chapter 11 reorganizations dropped 34 percent — about twice as much as Chapter 7 liquidations fell.
Due to that disparity, only about one-fifth of all business filings were Chapter 11 cases, compared with one-fourth last year.
Non-business filings, which make up the vast majority of bankruptcies in Maryland, were down about 10 percent overall. Chapter 7 liquidations slowed by a mere 2.5 percent, while Chapter 13 plans fell more than 30 percent, from 7,674 to 5,343.