Commercial Chapter 11 filings decreased 7 percent to 520 filings from the 557 commercial Chapter 11 filings in October 2018, according to data provided by Epiq Systems, Inc. Overall October business filings increased 3 percent to 3,527 from last year’s business total of 3,414, the American Bankruptcy Institute reported.
The 67,806 total bankruptcy filings in October increased slightly from the October 2018 filing total of 67,593. The 64,279 consumer filings in October also represented a slight increase from last year’s October consumer total of 64,179.
Commercial Chapter 11 filings increased 25 percent in October from September. The 520 commercial Chapter 11 filings in October were up over the 417 filings registered in September. Overall commercial filings also increased in October as the 3,527 filings were 12 percent more than the 3,164 filings in September.
The 67,806 total U.S. bankruptcy filings for October represented an 11 percent increase from the September total of 61,132 filings. The 64,279 consumer filings in October also represented an 11 percent increase from September’s consumer total of 57,968.
“Bankruptcy provides an effective shield for financially distressed families, farmers and businesses faced with increasing debt burdens and trade costs,” said ABI Executive Director Samuel J. Gerdano. “New bankruptcy laws are providing better access to the financial fresh start needed by struggling small businesses, veterans and family farmers.”
The average nationwide per capita bankruptcy filing rate in October was 2.51 (total filings per 1,000 per population), a slight increase from the filing rate of 2.50 during the first nine months of 2019. Average total filings per day in October were 3,082, a slight increase from the 3,077 total daily filings in October 2018. States with the highest per capita filing rates (total filings per 1,000 population) in October 2019 were:
- Alabama (5.75)
- Tennessee (5.47)
- Georgia (4.43)
- Mississippi (4.28)
- Nevada (3.82)
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.