While the overall figure decreased on both a sequential and annual basis, the American Bankruptcy Institute attempted to find the source as to why total U.S. commercial bankruptcy filings spiked 32 percent year-over-year in May.

According to data provided by Epiq Systems, commercial filings totaled 3,358 in May, up from the 2,550 filings recorded last May. ABI officials pointed out that May is the seventh consecutive month with a year-over-year increase in commercial filings.

The latest report also showed total commercial Chapter 11 filings climbed in May as the 611 filings were 22 percent more than the 502 commercial Chapter 11 filings registered in the same month a year ago.

However, total bankruptcy filings decreased 5 percent to 66,094 in May, down from last May’s total of 69,338. Consumer filings were 62,736, dropping 6 percent from the May 2015 consumer filing total of 66,788.

ABI executive director Samuel Gerdano offered his assessment as to why a growing number of businesses are filing for bankruptcy, likely impacting their former employees who might have some kind of auto financing.

“Businesses, especially those within the energy and retail sectors, continue to turn to the financial fresh start of bankruptcy,” Gerdano said.

Total bankruptcy filings for the month of May decreased 6 percent when compared to the 70,472 total filings recorded in April.

May’s commercial filing total represented a 5-percent decrease from the April commercial filing total of 3,515. Commercial Chapter 11 filings decreased 10 percent when compared to the 680 filings in April.

Total noncommercial filings for May also represented a 6-percent decrease from the April noncommercial filing total of 66,957.

The average nationwide per capita bankruptcy-filing rate in May was 2.56 (total filings per 1,000 per population), unchanged from the first four months of the year.

Average total filings per day in May were 2,132, a 5-percent decrease from the 2,237 total daily filings in May of last year.

States with the highest per capita filing rates (total filings per 1,000 population) in May were:

1. Tennessee (5.64)

2. Alabama (5.36)

3. Georgia (4.56)

4. Illinois (4.36)

5. Utah (4.09)

ABI has partnered with Epiq Systems, a provider of managed technology for the global legal profession, in order to provide the most current bankruptcy filing data for analysts, researchers and members of the news media.