August Total Bankruptcy Filings Increase 10 Percent from Last Month, Commercial Chapter 11 Filings Fall 12 Percent
Alexandria, Va.— Total U.S. bankruptcy filings increased 10 percent in August 2018 from July, according to data provided by Epiq Systems, Inc. Total filings registered 68,499 in August 2018, up from the previous month’s total of 62,223. The 65,335 consumer filings in August also represented an 11 percent increase from July’s consumer total of 59,119. August 2018 business filings increased 2 percent to 3,164 from July’s business total of 3,104. Conversely, the 361 commercial chapter 11 filings recorded in August 2018 were a 12 percent decrease from the 412 commercial chapter 11 filings in July.
“Debt-burdened consumers and businesses look to the financial reprieve that bankruptcy provides,” said ABI Executive Director Samuel J. Gerdano. “Both the recommendations of ABI’s Chapter 11 Commission and the ongoing efforts of the Commission on Consumer Bankruptcy are focused on making bankruptcy more accessible for distressed businesses and households.”
The 68,499 total filings for August 2018 registered a slight increase over the August 2017 total of 68,231 filings. The 65,335 consumer filings in August represented a 1 percent increase from the previous year’s consumer total of 64,865. August 2018 business filings decreased 6 percent to 3,164 from August 2017’s business total of 3,366. The 361 commercial chapter 11 filings in August 2018 fell 27 percent from the 492 commercial chapter 11 filings last August.
The average nationwide per capita bankruptcy filing rate in August was 2.51 (total filings per 1,000 per population), a slight increase from the filing rate of 2.49 during the first seven months of 2018. Average total filings per day in August 2018 were 2,978, a slight increase from the 2,967 total daily filings in August 2017. States with the highest per capita filing rates (total filings per 1,000 population) in August 2018 were:
1. Alabama (5.73)
2. Tennessee (5.56)
3. Georgia (4.62)
4. Mississippi (4.32)
5. Illinois (3.81)
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.
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.abi.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.