Bankruptcy Filings Fall 12 Percent for the First Half of 2014 Commercial Filings Drop 22 Percent
Alexandria, Va.— Total bankruptcy filings totaled 479,362 nationwide during the first six months of 2014 (Jan. 1-June 30), a 12 percent decrease from the 544,561 total filings during the same period a year ago, according to data provided by Epiq Systems, Inc. The 460,870 total noncommercial filings for the first half of 2014 represented a 12 percent drop from the noncommercial filing total of 520,992 for the first half of 2013. Total commercial filings during the first six months of the year were 18,492, representing a 22 percent decrease from the 23,569 filings during the same period in 2013. Commercial chapter 11 filings also fell during the first half of 2014 as the 3,009 filings represented a 13 percent decrease from the 3,454 commercial chapter 11 filings during the first six months of 2013. “The steady decline in bankruptcy filings reflects the continued deleveraging of consumers and businesses in a sustained low-interest-rate environment,” said ABI Executive Director Samuel J. Gerdano. “We expect the decline to continue through the end of 2014.” The 73,816 total bankruptcy filings for the month of June represented a 12 percent decrease compared to the 83,646 filings in June 2013. The 71,003 total noncommercial filings for June represented an 11 percent drop from the June 2013 noncommercial filing total of 80,160. Total commercial filings for June 2014 were 2,813, representing a 19 percent decrease from the 3,486 filings during the same period in 2013. Commercial chapter 11 filings registered a 3 percent drop as the 498 commercial chapter 11 filings in June 2013 fell to 481 in June 2014. The average nationwide per capita bankruptcy filing rate for the first six calendar months of 2014 (Jan. 1-June 30) decreased slightly to 3.09 (total filings per 1,000 per population) from the 3.13 rate for the first five months of the year, and the average total filings per day in June 2014 were 2,461, a 12 percent decrease from the 2,788 total daily filings in June 2013. States with the highest per capita filing rate (total filings per 1,000 population) through the first six months of 2014 were: 1. Tennessee (6.25) 2. Alabama (5.23) 3. Georgia (5.23) 4. Utah (4.94) 5. Illinois (4.93) 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 13,000 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.abiworld.org/conferences.html. 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.
Thursday, July 3, 2014