Total bankruptcy filings in the United States for the month of October increased 16% compared to September, according to data provided by Epiq Systems, Inc. October bankruptcy filings totaled 101,278, up from the 87,522 filings registered in September 2012. The 96,498 total noncommercial filings for October represented a 16% increase from the September noncommercial filing total of 83,493.
Total commercial filings for October 2012 were 4,780, representing a 19% increase from the 4,029 filings in September. Commercial chapter 11 filings also increased in October as the 704 filings represented a 3% increase over the 681 filings in September.
“Despite this uptick, total bankruptcy filings for the year remain on pace for about 1.2 million new cases, the lowest total since before the financial crisis in 2008,” said ABI Executive Director Samuel J. Gerdano. “Sustained low interest rates and weak consumer spending by households deleveraging are helping to restrain bankruptcy filing rates.”
The 101,278 total bankruptcy filings in October represented a 9% decrease from the 111,533 filings registered in October 2011. Total commercial filings for October 2012 were 4,780, representing a 16% decrease from the 5,719 filings during the same period in 2011. The October commercial chapter 11 filing total of 704 represented a 23% decrease from October 2011’s total of 913. The 96,498 total noncommercial filings for October represented a 9% drop from the October 2011 noncommercial filing total of 105,814.
The average nationwide per capita bankruptcy-filing rate through the first 10 calendar months of 2012 (Jan. 1-Oct. 31) was 3.96 (total filings per 1,000 per population). Average total filings per day in October 2012 were 3,267, a 9 percent decrease from the 3,598 total daily filings in October 2011.
States with the highest per capita filing rate (total filings per 1,000 population) through the first 10 months of 2012 were:
- Tennessee (7.05)
- Nevada (6.76)
- Georgia (6.54)
- Alabama (5.98)
- Utah (5.98)
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 13,000 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.