Commercial Chapter 11 Filings Increase 6 Percent in Calendar Year 2017; December Chapter 11s Up 107 Percent
Alexandria, Va.— Total commercial chapter 11 filings during calendar year 2017 (Jan. 1-Dec. 31) were 5,744, a 6 percent increase from the 5,447 filings in 2016, according to data provided by Epiq Systems, Inc. There were 38,062 commercial filings during calendar year 2017, a 0.25 percent increase over the 37,968 commercial filings the previous year. Total bankruptcy filings decreased slightly to 766,698 nationwide for calendar year 2017 (Jan. 1-Dec. 31), 1 percent less than the 772,098 total filings during 2016. The 728,386 total noncommercial filings during calendar year 2017 also slipped 1 percent from the noncommercial filing total of 733,902 during calendar year 2016.
“Total filings fell for an eighth consecutive year as high filing costs continue to weigh on struggling businesses and families,” said ABI Executive Director Samuel J. Gerdano. “As the recommendations of ABI’s Chapter 11 Commission aim to remove barriers to filing for distressed businesses, we look forward to the final report later this year by ABI’s Commission on Consumer Bankruptcy to improve the bankruptcy system for financially strained consumers.”
To review the final recommendations of the ABI Commission to Study the Reform of Chapter 11, please click here. To view the ongoing work of ABI’s Commission on Consumer Bankruptcy, including videos of open meetings and prepared witness testimony, please click here.
Monthly commercial chapter 11 filings were up sharply year-over-year. The 699 commercial chapter 11 filings in December 2017 were a 107 percent increase over the 337 filings in December 2016. Total commercial filings also rose, as the 3,025 filings in December 2017 represented a 2 percent increase from the 2,967 total commercial filings during the same period in 2016. Conversely, the 52,522 total bankruptcy filings for the month of December represented a 7 percent decrease compared to the 56,435 filings in December 2016. The 49,497 total noncommercial filings for December also represented a 7 percent decrease from the December 2016 noncommercial filing total of 53,468. Average total filings per day in December 2017 were 2,626, a 2 percent decrease from the 2,687 total daily filings in December 2016.
The average nationwide per capita bankruptcy filing rate for calendar year 2017 (Jan. 1-December 31) decreased slightly to 2.47 (total filings per 1,000 per population) from the 2.48 rate during calendar year 2016. States with the highest per capita filing rate (total filings per 1,000 population) through 2017 were:
1. Alabama (5.66)
2. Tennessee (5.51)
3. Georgia (4.66)
4. Mississippi (4.12)
5. Utah (3.96)
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.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.