First Quarter Bankruptcy Filings Fall 12 Percent from 2011 Commercial Filings Drop 19 Percent

First Quarter Bankruptcy Filings Fall 12 Percent from 2011 Commercial Filings Drop 19 Percent

April 4, 2012, Alexandria, Va.— Total bankruptcy filings in the United States decreased 12 percent in the first calendar quarter (Jan. 1 – March 31) of 2012 from the same period in 2011, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 314,583 in the first quarter of 2012, down from the 358,131 filings registered in the first calendar quarter of 2011. Total commercial filings for the first three months of 2012 were 15,833, representing a 19 percent decrease from the 19,638 filings during the same period in 2011. The 298,750 total noncommercial filings recorded in the first calendar quarter of 2012 represented a 12 percent decrease over the 2011 total of 338,493. “With the economic recovery weighed down by the distressed housing market and high unemployment, consumers and business are continuing to cut their debt burdens,” said ABI Executive Director Samuel J. Gerdano. “We expect that the 2012 bankruptcy totals will be less than last year as companies and families remain vigilant in cutting costs and shoring up their balance sheets.” For March, the 122,118 total filings were up 17 percent from the 104,418 filings in February 2012, but down 17 percent from the 146,384 filings in March 2011. The 116,459 total noncommercial filings in March 2012 represented a 17 percent increase over the February 2012 total of 99,252, but a 16 percent drop from the 139,029 noncommercial filings in March 2011. Total commercial filings in March 2012 increased 10 percent to 5,659 over the 5,166 filings in February 2012, but were 23 percent less than the 7,355 commercial filings in March 2011. The average nationwide per capita bankruptcy-filing rate for the first three months of 2012 increased to 4.06 (total filings per 1,000 per population) from the 3.73 filing rate of the first two months of the year. Both totals are still below the 4.46 per capita filing rate of 2011 (Jan. 1- Dec. 31). States with the highest per capita filing rate (total filings per 1,000 population) for the first quarter of 2012 were: 1. Tennessee (7.19) 2. Nevada (7.00) 3. Georgia (6.65) 4. Utah (5.87) 5. Alabama (5.87) 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]