January Total Bankruptcy Filings Increase 11 Percent From Previous Month
Alexandria, Va. — Total U.S. bankruptcy filings increased 11 percent in January 2019 from December 2018, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 57,618 in January 2019, up from the 52,037 total filings registered in December 2018. Consumer filings also increased 11 percent in January 2019 to 54,711 from the December 2018 noncommercial filing total of 49,105. Conversely, the January 2019 commercial filing total of 2,907 represented a 1 percent decrease from the December 2018 commercial filing total of 2,932, and January 2019’s 365 commercial chapter 11 filings fell 20 percent from the 455 commercial chapter 11s recorded in December.
“Struggling businesses and families trying to climb out of financial distress are confronted with high filing costs and challenging global economic conditions,” said ABI Executive Director Samuel J. Gerdano. “ABI’s Commission on Consumer Bankruptcy will release a report in the Spring to improve the bankruptcy system for financially strained consumers, while recommendations from ABI's Chapter 11 Reform Commission provide a blueprint to improve bankruptcy access for troubled businesses.”
To review the final recommendations of the ABI Commission to Study the Reform of Chapter 11, please click here. ABI’s Commission on Consumer Bankruptcy is preparing to release its final report of recommendations at ABI’s 2019 Annual Spring Meeting, set for April 11-14 in Washington, D.C. To view the ongoing work of the Consumer Commission, including videos of open meetings and prepared witness testimony, please click here.
Total bankruptcy filings in January 2019 increased 5 percent from January 2018’s total of 54,650 filings. Consumer filings increased 6 percent in January 2019 to 54,711 from the January 2018 consumer filing total of 51,758. Total commercial filings increased slightly in January 2019 to 2,907, representing a 1 percent increase from the 2,892 business filings recorded in January 2018. The 365 total commercial chapter 11 filings in January 2019 represented a slight decrease from January 2018’s total of 366.
The average nationwide per capita bankruptcy-filing rate in January 2019 was 2.23 (total filings per 1,000 per population), a decrease from December 2018’s rate of 2.43. Average total filings per day in January 2019 were 2,744, a 6 percent increase from the 2,602 total daily filings recorded in January 2018. States with the highest per capita filing rates (total filings per 1,000 population) in January 2019 were:
1. Alabama (5.30)
2. Tennessee (5.05)
3. Mississippi (4.19)
4. Georgia (4.13)
5. Arkansas (3.65)
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 nearly 11,000 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.