First Quarter Bankruptcy Filings Fall 11 Percent from 2014, Commercial Filings Drop 19 Percent
Alexandria, Va.— Total U.S. bankruptcy filings fell 11 percent in the first calendar quarter (Jan. 1 - March 31) of 2015 from the same period in 2014, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 205,705 in the first quarter of 2015, down 15 percent from the 231,829 filings registered in the first calendar quarter of 2014. Total commercial filings for the first three months of 2015 were 7,392, representing a 19 percent decrease from the 9,135 filings during the same period in 2014. The 198,313 total noncommercial filings recorded in the first calendar quarter of 2015 represented an 11 percent decrease from the 2014 total of 222,694.
“Declining bankruptcy totals will likely extend through 2015 as interest rates are still favorable for businesses and consumer debt levels remain flat,” said ABI Executive Director Samuel J. Gerdano. “Total filings this year could drop as low as 800,000.”
For the month of March 2015, the 81,622 total recorded filings represented an increase of 26 percent from the 65,022 filings registered in February 2015, but they were down 14 percent from the 91,283 filings recorded in March 2014. The 78,973 total noncommercial filings in March 2015 represented a 26 percent increase over the February 2015 total of 62,748, but a 10 percent drop from the 87,938 noncommercial filings registered in March 2014. Total commercial filings in March 2015 increased 17 percent to 2,649 over the 2,274 filings recorded in February 2015, but dropped 21 percent from the 3,345 commercial filings registered in March 2014.
The average nationwide per capita bankruptcy filing rate for the first three months of 2015 increased to 2.65 (total filings per 1,000 per population) from the 2.39 filing rate of the first two months of the year. States with the highest per capita filing rate (total filings per 1,000 population) for the first quarter of 2015 were:
1. Tennessee (5.52)
2. Alabama (5.14)
3. Georgia (4.77)
4. Illinois (4.66)
5. Utah (4.07)
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. 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.
*Please note: A previous version of this release incorrectly stated that the total quarterly filing decrease was 15 percent. The release has been updated to the correct percentage of an 11 percent decrease.