While the Great Recession left many businesses struggling to stay afloat, bankruptcy lawyers reaped the benefits from a wave of restructuring assignments. These days, the same practice area pros find themselves keeping their creative juices flowing in order to tap into the same workload.
According to data released Wednesday by the Administrative Office of the U.S. Courts, bankruptcy filings in the U.S. continued their precipitous decline in fiscal 2015, reaching the lowest number of filings since 2007, just before the bottom dropped out of the global economy a year later. Federal court data shows that there were 860,182 bankruptcy filings—including business and nonbusiness—during the 12-month period before Sept. 30, 2015, down 11 percent from fiscal 2014, when there were 963,739 filings.
