February 2017 Total Bankruptcy Filings Decrease 10 Percent from Last Year, Chapter 11 Filings Down 20 Percent
Alexandria, Va.— Total U.S. bankruptcy filings decreased 10 percent in February from the same period last year, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 58,336 in February 2017, down from the February 2016 total of 64,712. Consumer filings also declined 10 percent in February 2017 to 55,539 from the February 2016 consumer filing total of 61,651. Total commercial filings in February were 2,797, representing a 9 percent decline from the 3,061 business filings recorded in February 2016. The 390 total commercial chapter 11 filings in February 2017 represented a decrease of 20 percent from February 2016’s total of 485.
“After consecutive year-over-year monthly increases, the February totals reveal the prevailing trend of fewer bankruptcy filings,” said ABI Executive Director Samuel J. Gerdano. “More financially distressed consumers and businesses may reach for the lifeline of bankruptcy as interest rates increase.”
Total bankruptcy filings for the month of February 2017 increased 6 percent compared to the 55,237 total filings registered in January 2017. Total noncommercial filings for February, 55,539, represented a 6 percent increase from the January 2017 noncommercial filing total of 52,419. The February 2017 commercial filing total of 2,797 represented a 1 percent decrease from the January 2017 commercial filing total of 2,818. February 2017’s 390 commercial chapter 11 filings represented a 3 percent decrease from the 401 filings recorded the previous month.
The average nationwide per capita bankruptcy-filing rate in February 2017 was 2.19 (total filings per 1,000 per population), a slight increase from January 2017’s rate of 2.13. Average total filings per day in February were 3,070, a 5 percent decrease from the 3,236 total daily filings recorded in February 2016. States with the highest per capita filing rate (total filings per 1,000 population) in February 2017 were:
1. Alabama (5.42)
2. Tennessee (5.23)
3. Georgia (4.41)
4. Mississippi (3.64)
5. Illinois (3.62)
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 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.
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.