The American Bankruptcy Institute reported that total filings fell 6 percent during the first nine months of this year compared to the figure generated through the first three quarters of last year.

According to data provided by Epiq Systems, there were 593,034 bankruptcy filings between Jan. 1 and Sept. 30. During the same span of 2015, bankruptcy filings totaled 629,754.

Officials added the 564,245 total noncommercial filings through the first three quarters of this year also represented a 7-percent drop from the noncommercial filing total of 607,310 through the first three quarters of last year.

Meanwhile, commercial bankruptcy filings during the first nine months of the year increased 28 percent to 28,789 over the 22,444 filings during the same period in 2015.

Commercial Chapter 11 filings rose slightly during the first nine months of this year as the 4,311 filings represented a 5-percent increase from the 4,091 Chapter 11 filings during the first nine months of 2015.

“The roadmap for distressed businesses to reorganize through Chapter 11 has not received a major update since 1978,” ABI executive director Samuel Gerdano said.

“As more debt-burdened companies look to the financial relief of bankruptcy, the recommendations of ABI's Commission to Study the Reform of Chapter 11 provide an updated route to navigate today's complex debt and capital structures,” Gerdano continued.

ABI also noted total commercial filings for September were 3,072, representing a 38 percent increase from the 2,219 filings during the same month last year. Commercial Chapter 11 filings increased to 364 Chapter 11 filings in September, representing an 8-percent increase over the 337 filings in September of last year.

However, the 64,592 total bankruptcy filings for the month of September represented a 4-percent decrease compared to the 67,171 filings last September. The 61,520 total noncommercial filings for September also represented a 5-percent year-over-year decrease from the September 2015 noncommercial filing total of 64,952.

The average nationwide per capita bankruptcy filing rate for the first nine calendar months of 2016 decreased slightly to 2.54 (total filings per 1,000 population) from the 2.55 rate for the first eight months of the year.

The average daily filing total in September was 2,153, a 4-percent decrease from the 2,239 total daily filings registered in September of last year. States with the highest per capita filing rates (total filings per 1,000 population) through the first nine months of 2016 were:

1. Tennessee (5.67)

2. Alabama (5.52)

3. Georgia (4.75)

4. Illinois (4.19)

5. Utah (4.17)

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.