Bankruptcy Filing Increases

14 Dec

The IACC reports that, according to data from Epiq Systems, Inc., total US bankruptcy filings in October increased 16% when compared to September. Commercial filings were up 19% from 4,029 filed in September to 4,780 in October.

Commercial chapter 11’s were at an increase of 3% in that same time period. In spite of the increases, ABI executive director Samuel Gerdano states, “… total bankruptcy filing for the year remain on pace for about 1.2 million new cases, the lowest total since before the financial crisis in 2008.” The reason? Gerdano went on to say that, “Sustained low interest rates and weak consumer spending by households de-leveraging are helping to strain bankruptcy filing rates.”

The breakdown looks like this:
October 2011 total Bankruptcy filings =  111,533
October 2012 total Bankruptcy filings =  101,278

October 2011 Commercial Bankruptcy filings = 5,719
October 2012 Commercial Bankruptcy filings = 4,780

October 2011 Commercial Chapter 11s = 913
October 2012 Commercial Chapter 11s = 704

There’s a 9% decrease in the average total filings per day nationwide. October 2011 reported 3,598 total daily filings, while October of this year reports 3,267 total daily filings. And which states top the list with the highest per capita filing rates this year?*

1. Tennessee = 7.05
2.  Nevada = 6.76
3.  Georgia = 6.54
4.  Alabama = 5.98
5.  Utah = 5.98

*Total filings per 1,000 population

For more information about these and other statistics, visit the American Bankruptcy Institutes website.

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