October Commercial Chapter 11 Filings Increase 75 Percent over Previous Year, Total Filings Increase 5 Percent
Alexandria, Va.— Commercial chapter 11 filings increased 75 percent in October 2018 over October of last year, according to data provided by Epiq Systems, Inc. The 554 commercial chapter 11 filings registered in October 2018 were up from October 2017’s commercial chapter 11 filing total of 316. Commercial bankruptcy filings totaled 3,371 in October 2018, an 11 percent increase from the 3,041 commercial filings in October 2017. The 67,546 total U.S. bankruptcy filings in October 2018 registered a 5 percent increase over the October 2017 total of 64,616. Consumer bankruptcies also increased in October 2018, as the 64,175 filings were 4 percent more than the 61,575 consumer filings registered in October 2017.
“Bankruptcy provides a shield for distressed consumers and businesses confronted with rising interest rates and global economic challenges,” said ABI Executive Director Samuel J. Gerdano. “The recommendations of ABI’s Chapter 11 Commission and the ongoing efforts of the Commission on Consumer Bankruptcy aim to improve the system for struggling businesses and families seeking a fresh start through bankruptcy.”
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.
Commercial chapter 11 filings in October 2018 represented a 79 percent increase over the 309 filings recorded in September 2018. October’s commercial filing total represented a 20 percent increase from the September 2018 commercial filing total of 2,889. Total filings for October increased 17 percent compared to the 57,596 total filings in September 2018. Total noncommercial filings for October also represented a 17 percent increase from the September 2018 noncommercial filing total of 54,788.
The average nationwide per capita bankruptcy filing rate (total filings per 1,000 population) was 2.49 for the first 10 calendar months of 2018 (Jan. 1-Oct. 31), a slight increase over the 2.48 rate registered during the first nine months of the year. The average daily filing total in October 2018 was 3,070, a slight decrease from the 3,077 total daily filings registered in October 2017. States with the highest per capita filing rates (total filings per 1,000 population) through the first 10 months of 2018 were:
1. Alabama (5.74)
2. Tennessee (5.54)
3. Georgia (4.61)
4. Mississippi (4.34)
5. Illinois (3.77)
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. 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.