July Total Bankruptcy Filings Increase 1 Percent from Last Year, Commercial Chapter 11s Increase 23 Percent
Alexandria, Va.— Total U.S. bankruptcy filings increased 1 percent in July 2018 from July 2017, according to data provided by Epiq Systems, Inc. Total filings registered 62,196 in July 2018, up from the July 2017 total of 61,433. The 59,128 consumer filings in July also represented a 1 percent increase from the previous year’s consumer total of 58,511. July 2018 business filings increased 5 percent to 3,068 from July 2017’s business total of 2,922. The 411 commercial chapter 11 filings in July 2018 were a 23 percent increase over the 333 commercial chapter 11 filings last July.
“Distressed consumers and businesses struggling under increasing interest rates and global challenges are provided with financial shelter in 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 aiming to make bankruptcy more accessible for struggling businesses and families.”
July’s commercial chapter 11 filings represented a 33 percent increase over last month’s total of 308. Total commercial filings were also up 1 percent over the June total of 3,051. However, total bankruptcy filings decreased 2 percent in July from last month’s total of 63,728. Consumer filings also dropped 3 percent in July from the 60,677 filings in June.
The average nationwide per capita bankruptcy-filing rate in July was 2.49 (total filings per 1,000 per population), a slight decrease from the filing rate of 2.50 during the first six months of 2018. Average total filings per day in July 2018 were 2,962, a 4 percent decrease from the 3,072 total daily filings in July 2017. States with the highest per capita filing rates (total filings per 1,000 population) in July 2018 were:
1. Alabama (5.66)
2. Tennessee (5.48)
3. Georgia (4.52)
4. Mississippi (4.27)
5. Illinois (3.77)
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.