February Bankruptcy Filings Decrease 10 Percent from Previous Year, Increase 10 Percent from January
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 65,002 in February 2015, down from the February 2014 total of 72,267. Consumer filings declined 10 percent in February 2015 to 62,740 from the February 2014 consumer filing total of 69,403. In addition, total commercial filings in February 2015 decreased to 2,262, representing a 21 percent decline from the 2,864 business filings recorded in February 2014. Total commercial chapter 11 filings were down 25 percent as February 2015’s commercial chapter 11 filings decreased to 363 from February 2014’s 484 filings.
“Sustained low interests rates and high costs to file continue to suppress the number of consumers and businesses seeking the financial fresh start of bankruptcy,” said ABI Executive Director Samuel J. Gerdano. “The year-over-year filing totals have now declined for over four years.”
Total bankruptcy filings for the month of February 2015 increased 10 percent compared to the 59,050 total filings registered in January 2015. Total noncommercial filings for February, 62,740, also represented an 11 percent increase from the January 2015 noncommercial filing total of 56,586. The February 2015 commercial filing total of 2,262 represented an 8 percent decrease from the January 2015 commercial filing total of 2,464. February 2015’s 363 commercial chapter 11 filings represented a 30 percent drop from the 519 filings recorded the previous month.
The average nationwide per capita bankruptcy-filing rate in February 2015 was 2.39 (total filings per 1,000 per population), an increase from January 2015’s rate of 2.28. Average total filings per day in February were 2,322, a 10 percent decrease from the 2,581 total daily filings recorded in February 2014. States with the highest per capita filing rate (total filings per 1,000 population) in February 2015 were:
1. Tennessee (5.17)
2. Alabama (4.83)
3. Georgia (4.66)
4. Illinois (4.22)
5. Mississippi (3.69)
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.abiworld.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.