U.S. bankruptcy filings totaled 629,570 during the first nine months of 2015 (Jan. 1-September 30), an 11 percent decrease from the 705,728 total filings during the same period a year ago, according to data provided by Epiq Systems, Inc. The 607,182 total noncommercial filings through three quarters of 2015 represented an 11 percent drop from the noncommercial filing total of 678,804 through the first three quarters of 2014.

Total commercial filings during the first nine months of the year were 22,388, representing a 17 percent decrease from the 26,924 filings during the same period in 2014. Chapter 11 filings fell slightly during the first nine months of 2015 as the 4,091 filings represented a 1 percent decrease from the 4,142 chapter 11 filings during the first nine months of 2014.

“The new normal of persistent low interest rates and high filing costs continue to steer distressed households and businesses away from the financial relief of bankruptcy,” said ABI Executive Director Samuel J. Gerdano. “Filings remain on track for the second-lowest total since changes to the bankruptcy law were implemented 10 years ago.”

The 67,116 total bankruptcy filings for the month of September represented an 8.5 percent decrease compared to the 73,352 filings in September 2014. The 64,920 total noncommercial filings for September also represented an 8 percent drop from the September 2014 noncommercial filing total of 70,699. Total commercial filings for September 2015 were 2,196, representing a 17 percent decrease from the 2,653 filings during the same period in 2014. Chapter 11 filings registered an 11 percent drop as the 377 chapter 11 filings in September 2014 fell to 335 in September 2015.

The average nationwide per capita bankruptcy filing rate for the first nine calendar months of 2015 (Jan. 1-Sept. 30) decreased slightly to 2.70 (total filings per 1,000 population) from the 2.71 rate for the first eight months of the year. The average daily filing total in September 2015 was 2,237, an 8.5 percent decrease from the 2,445 total daily filings registered in September 2014. States with the highest per capita filing rate (total filings per 1,000 population) through the first nine months of 2015 were:   

• Tennessee (5.81)
• Alabama (5.41)
• Georgia (5.08)
• Illinois (4.43)
• Utah (4.41)

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.