Total bankruptcy filings in the United States decreased 12 percent in July 2014 over July of last year, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 77,469 in July 2014, down from the July 2013 total of 87,746. Consumer filings declined 11 percent to 74,595 from the July 2013 consumer filing total of 84,114.
Total commercial filings in July 2014 decreased to 2,874, representing a 21 percent decline from the 3,632 business filings recorded in July 2013. Total commercial chapter 11 filings dipped 34 percent to 357 filings in July 2014 from the 539 commercial chapter 11 filings registered in July 2013.
“Consumers and businesses continue to steer away from the financial relief of bankruptcy amid high filing costs and low interest rates,” said ABI Executive Director Samuel J. Gerdano. “Bankruptcy filings for this year will likely fall below 1 million for the first time since 2007.”
Total filings for July did represent a 5 percent increase compared to the 73,835 total filings in June 2014. Total noncommercial filings for July also represented a 5 percent increase from the June 2014 noncommercial filing total of 71,004. July’s commercial filing total represented a 2 percent increase from the June 2014 commercial filing total of 2,831. July commercial chapter 11 filings, however, experienced a 26 percent decrease when compared to the 481 filings registered the previous month.
The average nationwide per capita bankruptcy-filing rate in July was 3.07 (total filings per 1,000 per population), a slight decrease from the 3.09 rate registered in the first six months of the year. Average total filings per day in July 2014 were 2,499, a 12 percent decrease from the 2,831 total daily filings in July 2013. States with the highest per capita filing rates (total filings per 1,000 population) in July 2014 were:
- Tennessee (6.28)
- Alabama (5.29)
- Georgia (5.22)
- Utah (4.93)
- Illinois (4.89)
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.