Bankruptcy Filings Through First Three Quarters of 2013 Fall 13 Percent from 2012 Commercial Filings Fall 23 Percent
Alexandria, Va.— Total bankruptcy filings were 801,783 nationwide during the first nine months of 2013 (Jan. 1-September 30), a 13 percent decrease from the 921,927 total filings recorded during the same period a year ago, according to data provided by Epiq Systems, Inc. The 767,445 total noncommercial filings for the first three quarters of 2013 represented a 13 percent drop from the noncommercial filing total of 877,123 during the first three quarters of 2012. Total commercial filings during the first nine months of the year were 34,338, a 23 percent decrease from the 44,804 filings during the same period in 2012. Chapter 11 filings also fell during the first nine months of 2013; the 5,171 filings in the first nine months of 2013 represented a 14 percent decrease from the 5,999 chapter 11 filings during the first nine months of 2012. “Sustained low interest rates and sluggish consumer spending since the financial crisis have suppressed bankruptcy filings to 2008 levels,” said ABI Executive Director Samuel J. Gerdano. “Some individuals are too broke to afford the cost to file for bankruptcy.” The 80,645 total bankruptcy filings for the month of September represented an 8 percent decrease compared to the 87,599 filings in September 2012. The 77,269 total noncommercial filings for September also represented an 8 percent drop from the September 2012 noncommercial filing total of 83,543. Total commercial filings for September 2013 were 3,376, a 17 percent decrease from the 4,056 filings recorded during the same period in 2012. Chapter 11 filings increased, however, as the 579 chapter 11 filings reported in September 2013 were 11 percent higher than the 525 filings recorded in September 2012. The average nationwide per capita bankruptcy filing rate for the first nine calendar months of 2013 (Jan. 1-Sept. 30) decreased slightly to 3.45 (total filings per 1,000 population) from the 3.49 rate for the first eight months of the year. The average daily filing total in September 2013 was 2,688, an 8 percent decrease from the 2,920 total daily filings registered in September 2012. States with the highest per capita filing rates (total filings per 1,000 population) through the first nine months of 2013 were: 1. Tennessee (6.74) 2. Georgia (5.90) 3. Alabama (5.80) 4. Utah (5.34) 5. Indiana (5.24) 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 firstname.lastname@example.org. ### 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, October 3, 2013