One of the steadiest economic trends currently out there is the rise in bankruptcy filings.

Epiq Bankruptcy reported total filings came in at 39,014 in February, representing a 22% year-over-year rise.

Experts said February also marked 19 consecutive months that total, individual and commercial bankruptcy filings have registered monthly year-over-year increases.

“Once again individual and commercial new bankruptcy filings increased double digit percentages from both a monthly and annual perspective,” Epiq AACER vice president Michael Hunter said in a news release.

“This underscores the continued and anticipated increase towards a normalization of pre-pandemic volumes for those seeking bankruptcy protection. We anticipate this momentum of filings to continue this upward trend,” Hunter continued.

Epiq indicated individual bankruptcy filings increased 21% year-over-year in February to 36,468.

Experts pinpointed there were 21,158 individual Chapter 7 filings in February, a 25% jump from a year ago.

And Epiq said there were 14,871 individual Chapter 13 filings last month, a 9% lift from last February.

Meanwhile, Epiq determined commercial Chapter 11 bankruptcy filings soared a whopping 118% in February, with 882 filings.

Experts explained the sizable increase in commercial Chapter 11 filings in February was spurred by many related filings in two large commercial Chapter 11 proceedings.

Epiq indicated total February commercial filings increased 48% to 2,546.

“Bankruptcy provides a proven path for struggling consumers and businesses looking for a financial fresh start amid the challenging economic terrain of inflation, elevated interest rates and tighter lending terms,” American Bankruptcy Institute executive director Amy Quackenboss said in the news release.

“Congressional consideration of extending or permanently making the expanded eligibility limit of small businesses electing to file for subchapter V under Chapter 11 before it expires in June would maintain greater access to this reliable path for small businesses to successfully restructure, reduce liquidations and save jobs,” Quackenboss added.

Looking at a sequential comparison, Epiq noted total bankruptcies increased 7% over January’s 36,618 filings, and consumer bankruptcies edged up 6% over January..

Experts went on to mention individual Chapter 7 filings increased 8% month-over-month, and Chapter 13 cases ticked up 3% from January’s filings.

ABI has partnered with Epiq Bankruptcy to provide the most current bankruptcy filing data for analysts, researchers and members of the news media.