August Commercial Chapter 11 Filings Up 48 Percent from Previous Year, Total Filings Decrease 10 Percent
Alexandria, Va.— Total commercial chapter 11 filings in the United States increased 48 percent in August 2015 over August of last year, according to data provided by Epiq Systems, Inc. Commercial chapter 11 filings increased to 531 filings in August 2015 from the 360 commercial chapter 11 filings registered in August 2014. Total filings totaled 67,712 in August 2015, a decrease of 10 percent from the August 2014 total of 75,234. Consumer filings also declined 10 percent to 65,248 from the August 2014 consumer filing total of 72,503. Total commercial filings in August 2015 decreased to 2,464, representing a 10 percent decline from the 2,731 business filings recorded in August 2014.
“While commercial chapter 11 filings have increased in back-to-back months, fewer distressed consumers and businesses are seeking the financial shelter of bankruptcy,” said ABI Executive Director Samuel J. Gerdano. “Filings remain on track to total 800,000, the second-lowest total since changes to the bankruptcy law were implemented 10 years ago.”
Total filings for August represented a 6 percent decrease compared to the 71,854 total filings in July 2015. Total noncommercial filings for August were also 6 percent less than the July 2015 noncommercial filing total of 69,202. August’s commercial filing total also represented a 7 percent decrease from the July 2015 commercial filing total of 2,652. August commercial chapter 11 filings experienced an 18 percent decrease when compared to the 645 filings registered the previous month.
The average nationwide per capita bankruptcy-filing rate in August was 2.71 (total filings per 1,000 per population), a slight decrease from the 2.73 rate registered in the first seven months of the year. Average total filings per day in August 2015 were 2,184, a 10 percent decrease from the 2,427 total daily filings in August 2014. States with the highest per capita filing rates (total filings per 1,000 population) in August 2015 were:
1. Tennessee (5.76)
2. Alabama (5.35)
3. Georgia (5.09)
4. Illinois (4.46)
5. Utah (4.40)
ABI has partnered with Epiq Systems, Inc. in order to provide the most current bankruptcy filing data for analysts, researchers and members of the news media. Epiq Systems is a leading provider of managed technology for the global legal profession.
For further information about the statistics or additional requests, please contact ABI Public Affairs Manager John Hartgen at 703-894-5935 or [email protected]
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 12,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abi.org/calendar-of-events.
Epiq Systems is a leading provider of managed technology for the global legal profession. Epiq Systems offers innovative technology solutions for electronic discovery, document review, legal notification, claims administration and controlled disbursement of funds. Epiq System’s clients include leading law firms, corporate legal departments, bankruptcy trustees, government agencies, mortgage processors, financial institutions, and other professional advisors who require innovative technology, responsive service and deep subject-matter expertise. For more information on Epiq Systems, Inc., please visit http://www.epiqsystems.com.