U.S. bankruptcy filings totaled 910,090 in 2014, a 12% drop from the 1,032,572 filings in 2013, according to data from American Bankruptcy Institute, provided by Epiq Systems Inc.

Noncommercial filings, at 875,635 in 2014, represented an 11% decrease from the 988,489 noncommercial filings in 2013, according to an ABI news release. There were 34,455 total commercial bankruptcy filings in 2014, down 22% from the 44,083 filings in 2013.

"Annual total filings fell for the fifth consecutive year and dipped under one million for the first time since 2007," said ABI Executive Director Samuel J. Gerdano. "Sustained low interest rates and high costs to file continue to turn consumers and businesses away from the Bankruptcy Code for a financial fresh start."

Total bankruptcy filings in December fell 5% to 63,090 when compared to the 66,530 filings in December 2013. There were 60,625 total noncommercial filings in December, also representing a 5% drop from December 2013 noncommercial filings, which totaled 63,621.

Total commercial filings for December were 2,465, a 15% decrease from the 2,909 filings in December 2013, according to the news release. Commercial chapter 11 filings registered a 12% drop as the 397 chapter 11 filings in December 2013 fell to 349 in December 2014. The average total filings per day in December 2014 were 2,035, a 5% decrease from the 2,146 total daily filings in December 2013.

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