August Commercial Chapter 11s Increase 29 Percent over Last Month, Total Filings Up 11 Percent
Alexandria, Va.— Commercial chapter 11 filings totaled 426 in August, a 29 percent increase over July’s total of 331 filings, according to data provided by Epiq Systems, Inc. Overall business filings also increased as the 3,255 filings were 13 percent more than July’s total of 2,886 filings. Total U.S. filings registered 68,117 in August 2017, up 11 percent from the July 2017 total of 61,403. The 64,862 consumer filings in August also represented an 11 percent increase from the previous month’s consumer total of 58,517.
“Households and businesses that are sinking in debt can find a financial lifeline through bankruptcy,” said ABI Executive Director Samuel J. Gerdano. “As the Bankruptcy Code nears 40 years in age, the recommendations of ABI’s Chapter 11 Commission, along with the ongoing efforts of the Commission on Consumer Bankruptcy, aim to make bankruptcy more accessible for struggling businesses and families.”
To review the final recommendations of the ABI Commission to Study the Reform of Chapter 11, please click here. To view the ongoing work and upcoming meetings of ABI’s Commission on Consumer Bankruptcy, please click here.
Commercial chapter 11 filings were up 16 percent from last August’s 368 filings, and total commercial filings registered a minor increase of 0.1 percent over the 3,251 filings in August 2016. Total U.S. bankruptcy filings registered a minor decrease in August 2017 compared to August 2016 as the 68,117 filings this year were 1 percent less than last August’s 68,551. Consumer filings were also down 1 percent in August 2017 over last year’s consumer filing total of 65,300.
The average nationwide per capita bankruptcy-filing rate in August was 2.55 (total filings per 1,000 per population), a slight increase from the filing rate of 2.54 during the first seven months of the year. Average total filings per day in August 2017 were 2,962, a 1 percent decrease from the 2,980 total daily filings in August 2016. States with the highest per capita filing rates (total filings per 1,000 population) in August 2017 were:
1. Alabama (5.82)
2. Tennessee (5.66)
3. Georgia (4.75)
4. Mississippi (4.16)
5. Utah (4.12)
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. To view the full monthly statistic tables provided by Epiq Systems, be sure to visit ABI’s Newsroom.