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A recent article in the Philadelphia Business Journal titled, “Business Bankruptcies Soar in Delaware,” discusses how Chapter 11 filings have declined nationally in 2013, but increased in Wilmington, Delaware. With over 807 filings in 2013, Wilmington is home to five of the 10 largest filings in the country.

While the fillings in Wilmington are high, since the recession, many practitioners have said that their workload is not near the massive spike in business filings they received from 2008-2010. Now, debtors have reached “pre-packaged” agreements with creditors allowing them to avoid the bankruptcy process by restructuring debt or using a receivership.

William Schorling, bankruptcy shareholder at Buchanan Ingersoll & Rooney told the publication that filings have slowed even more during the first few months of 2014.

“I saw a report that said we went 60 days with no public companies [nationally] filing for bankruptcy,” he said.

Read the full article - “Business Bankruptcies Soar in Delaware,” (Philadelphia Business Journal, March 3, 2014)