Total bankruptcy filings in the United States decreased 13 percent in January from the same period last year, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 68,153 in January 2014, down from the January 2013 total of 78,602. Consumer filings declined 13 percent in January 2014 to 65,263 from the January 2013 consumer filing total of 74,846.
In addition, total commercial filings in January 2014 decreased to 2,890, representing a 23 percent decline from the 3,756 business filings recorded in January 2013. Total commercial chapter 11 filings fell 21 percent as January 2013’s 487 filings decreased to 387 commercial chapter 11 filings in January 2014.
“High costs to file and sustained low interests rates continue to steer consumers and businesses away from the fresh financial start of bankruptcy,” said ABI Executive Director Samuel J. Gerdano. “The year-over-year filing totals have now declined for 38 consecutive months.”
Total bankruptcy filings of 68,153 for the month of January 2014 increased 3 percent compared to the 66,502 total filings registered in December 2013. Total noncommercial filings for January, 65,263, also represented a 3 percent increase from the December 2013 noncommercial filing total of 63,618. The January commercial filing total of 2,890 represented a 0.2 percent increase from the December 2013 commercial filing total of 2,884. January’s 387 commercial chapter 11 filings represented a 2 percent decrease from the 394 filings recorded the previous month.
The average nationwide per capita bankruptcy-filing rate in January 2014 was 2.64 (total filings per 1,000 per population), a decrease from December 2013’s rate of 3.33. Average total filings per day in January were 2,199, a 13 percent decrease from the 2,536 total daily filings in January 2013. States with the highest per capita filing rate (total filings per 1,000 population) in January 2014 were:
- Tennessee (5.73)
- Georgia (4.96)
- Alabama (4.55)
- Utah (4.07)
- Nevada (3.96)
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.