October Bankruptcy Filings Decrease 12 Percent from Previous Year Increase 8 Percent from September
Alexandria, Va.— Total bankruptcy filings in the United States decreased 12 percent in October 2014 from October of last year, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 78,957 in October 2014, down from the October 2013 total of 89,948. Consumer filings also declined 12 percent to 76,110 from the October 2013 consumer filing total of 86,360. Total commercial filings in October 2014 decreased to 2,847, representing a 21 percent decline from the 3,588 business filings recorded in October 2013. Total commercial chapter 11 filings dipped 27 percent to 384 filings in October 2014 from the 529 commercial chapter 11 filings registered in October 2013. Average total filings per day in October 2014 were 2,547, a 12 percent decrease from the 2,902 total daily filings in October 2013. “Total bankruptcy filings, credit card delinquencies and foreclosures continue to decline as consumers and businesses shore up their balance sheets,” said ABI Executive Director Samuel J. Gerdano. “Low interest rates and high filing costs will drive total bankruptcies for the year below 1 million for the first time since 2007.” Total filings for October increased 8 percent compared to the 73,317 total filings in September 2014. Total noncommercial filings for October also represented an 8 percent increase from the September 2014 noncommercial filing total of 70,688. October’s commercial filing total represented an 8 percent increase from the September 2014 commercial filing total of 2,629. October commercial chapter 11 filings were up 3 percent from the 375 filings recorded in September 2014. With an additional day to file, average filings per day in October increased 4 percent over the September rate of 2,444. The average nationwide per capita bankruptcy-filing rate in October was 3.03 (total filings per 1,000 population), remaining unchanged from the first nine months of the year. States with the highest per capita filing rates (total filings per 1,000 population) in October 2014 were: 1. Tennessee (6.32) 2. Alabama (5.40) 3. Georgia (5.36) 4. Utah (5.02) 5. Illinois (4.82) 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, November 5, 2014