|
|
2011 |
2012 |
% change |
|
|
Total Bankruptcy Filings |
1,379,658 |
1,185,328 |
-14% |
|
|
Commercial Filings |
74,415 |
57,788 |
-22% |
|
|
Chapter 11 Filings |
8,658 |
7,760 |
-10% |
|
|
|
|
|
|
|
|
|
December 2011 |
December 2012 |
% change |
|
|
Total Bankruptcy Filings |
96,527 |
75,556 |
– 22% |
|
|
Commercial Filings |
5,569 |
3,739 |
-33% |
|
|
Chapter 11 Filings |
742 |
559 |
-25% |
|
|
|
|
|
|
|
This continued downward trend has had an impact on the business of professionals that service distressed companies.
At least for now, law firms, auction company, turnaround consultants and other professional advisors to both debtors and creditors at the bankruptcy table must adapt to an ever shrinking pool of prospects. This is true not only for our hometown of Buffalo, but nationwide.