July Total Bankruptcy Filings Decrease 8 Percent from Last Month, Commercial Chapter 11s Fall 44 Percent
Alexandria, Va.— Total U.S. bankruptcy filings decreased 8 percent in July 2017 from June, according to data provided by Epiq Systems, Inc. Total filings registered 61,366 in July 2017, down from the June 2017 total of 66,789. The 58,522 consumer filings in July also represented an 8 percent drop from the previous month’s consumer total of 63,372. July business filings decreased 17 percent to 2,844 from June’s business total of 3,417. Commercial chapter 11 filings registered a 44 percent decrease in July as the 325 filings were down from last month’s total of 582.
“High filing costs continue to steer distressed households and businesses away from the financial relief of bankruptcy,” said ABI Executive Director Samuel J. Gerdano. “The recommendations of ABI’s Chapter 11 Commission, along with the ongoing efforts of the Commission on Consumer Bankruptcy, are striving toward solutions to make bankruptcy more accessible for struggling businesses and families.”
To review the final recommendations of the ABI Commission to Study the Reform of Chapter 11, please click here. To view the ongoing work and upcoming meetings of ABI’s Commission on Consumer Bankruptcy, please click here.
Total U.S. commercial bankruptcy filings registered a minor decrease in July 2017 compared to July 2016 as the 61,366 filings this year were 0.01 percent less than last July’s 61,371. Consumer filings were up 0.22 percent in July 2017 over last year’s consumer filing total of 58,391. Total commercial filings decreased 5 percent from the July 2016 total of 2,980, and commercial chapter 11 filings were down 9 percent from last year’s 358 filings.
The average nationwide per capita bankruptcy-filing rate in July was 2.54 (total filings per 1,000 per population), a slight decrease from the filing rate of 2.57 during the first six months of the year. Average total filings per day in July 2017 were 3,069, a 0.03 percent increase from the 3,068 total daily filings in July 2016. States with the highest per capita filing rates (total filings per 1,000 population) in July 2017 were:
1. Alabama (5.76)
2. Tennessee (5.62)
3. Georgia (4.74)
4. Mississippi (4.12)
5. Utah (4.08)
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. To view the full monthly statistic tables provided by Epiq Systems, be sure to visit ABI’s Newsroom.
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. 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.