Total U.S. commercial bankruptcy filings increased 26 percent in November 2016 over November of last year, according to data provided by Epiq Systems, Inc. Commercial filings totaled 2,908 in November 2016, up from the November 2015 total of 2,311. November is the thirteenth consecutive month with a year-over-year increase in commercial filings. However, total commercial chapter 11 filings decreased in November 2016, as the 385 filings were 2 percent less than the 392 commercial chapter 11 filings registered in November 2015. The total bankruptcy filings of 59,300 in November 2016 represented a 10 percent decrease from the November 2015 total of 65,562. Consumer filings also decreased as the 56,392 filings in November 2016 were down 11 percent from the November 2015 consumer filing total of 63,251.
“While commercial filings continue to edge up slightly over recent years, fewer consumers are turning to the financial relief of bankruptcy,” said ABI Executive Director Samuel J. Gerdano. “Total bankruptcies remain on track for under 800,000 in 2016, the second-lowest total since BAPCPA was implemented in 2005.”
Total filings for November decreased 6 percent compared to the 63,055 total filings in October 2016. Total noncommercial filings for November also represented a 6 percent decrease from the October 2016 noncommercial filing total of 60,015. November’s commercial filing total represented a 4 percent decrease from the October 2016 commercial filing total of 3,040. Commercial chapter 11 filings also registered a 4 percent decrease from the 402 filings recorded in October 2016.
The average nationwide per capita bankruptcy-filing rate in November was 2.51 (total filings per 1,000 population), a slight decline from the 2.53 rate for the first 10 months of the year. Average total filings per day in November 2016 were 1,977, a 10 percent decrease from the 2,185 total daily filings in November 2015. States with the highest per capita filing rates (total filings per 1,000 population) in November 2016 were:
- Tennessee (5.65)
- Alabama (5.52)
- Georgia (4.76)
- Utah (4.15)
- Illinois (4.14)
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.
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.
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.