November Bankruptcy Filings Fell 12 Percent over Previous Year Commercial Chapter 11 Filings Up 10 Percent
Alexandria, Va.— Total bankruptcy filings in the U.S. for November 2012 decreased 12 percent compared to the previous year, according to data provided by Epiq Systems, Inc. November bankruptcy filings totaled 86,946, down from the 98,534 filings registered in November 2011. Total commercial filings for November 2012 were 4,199, representing a 19 percent decrease from the 5,216 filings during the same period in 2011. The 82,747 total noncommercial filings for November represented an 11 percent drop from the November 2011 noncommercial filing total of 93,318. While other filing categories experienced decreases, the November 2012 commercial chapter 11 filings registered increases in year-over and previous-month comparisons. The 664 commercial chapter 11 filings in November 2012 were a 10 percent increase over the 601 commercial chapter 11 filings in November 2011. The November total commercial chapter 11 filing total also represented a 23 percent increase over the October 2012 total of 542. “November continued the trend of declining bankruptcies in the wake of a sustained drop in consumer spending on credit,” said ABI Executive Director Samuel J. Gerdano. “We are on pace for the lowest total new bankruptcies since before the financial crisis in 2008.” Total, commercial and consumer bankruptcy filings in November also represented decreases from October. Total November filings were down 14 percent from the October’s total of 101,307. Commercial filings decreased 13 percent in November from the October total of 4,800, and noncommercial filings decreased 14 percent from the October total of 96,507. The average nationwide per capita bankruptcy-filing rate through the first 11 calendar months of 2012 (Jan. 1-Nov. 30) was 3.91 (total filings per 1,000 per population). Average total filings per day in November 2012 were 2,898, a 12 percent decrease from the 3,285 total daily filings in November 2011. States with the highest per capita filing rate (total filings per 1,000 population) through the first 11 months of 2012 were: 1. Tennessee (7.01) 2. Nevada (6.61) 3. Georgia (6.49) 4. Alabama (5.96) 5. Utah (5.92) 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 13,000 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.abiworld.org/conferences.html. 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.
Wednesday, December 5, 2012