While a portion of the commercial segment made a jump, the American Bankruptcy Institute reported total filings in the United States decreased 19 percent year-over-year in May.
According to data provided by Epiq Systems, bankruptcy filings totaled 69,286 last month, down from the year-ago figure of 85,711.
Officials noticed May’s consumer filings also declined 19 percent to 66,771, down from the total of 82,473 registered in the same month last year.
ABI indicated total commercial filings for May decreased to 2,515, representing a 22-percent decline from the 3,238 business filings recorded last May. In contrast to the other filing categories, officials pointed out commercial Chapter 11 filings increased 16 percent to 498 filings in May from the 431 commercial Chapter 11 filings registered during the same month in 2014.
“While the May commercial Chapter 11 filings indicate more businesses turned to the bankruptcy code for a fresh start, total and consumer filings continue to decline amid sustained low interest rates and flat consumer debt levels,” ABI executive director Samuel Gerdano said.
“Total filings are on pace for just over 800,000 in 2015,” Gerdano added.
ABI went on to highlight total bankruptcy filings for the month of May represented an 11-percent decrease compared to the 77,919 total filings recorded in April.
Total noncommercial filings for May also represented an 11-percent decrease from the April noncommercial filing total of 75,299.
Officials determined that May’s commercial filing total marked a 4-percent decrease from the April commercial filing total of 2,620.
Conversely, May commercial Chapter 11 filings increased 23 percent when compared to the 405 filings registered the previous month.
ABI noted the average nationwide per capita bankruptcy-filing rate in May was 2.73 (total filings per 1,000 per population), a slight decrease from the 2.74 rate registered in the first four months of the year.
Average total filings per day in May came in at 2,235, a 19-percent decrease from the 2,765 total daily filings in May of last year.
States with the highest per capita filing rates (total filings per 1,000 population) in May included:
1. Tennessee (5.61)
2. Alabama (5.18)
3. Georgia (4.85)
4. Illinois (4.56)
5. Utah (4.34)
ABI 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.
While also giving a projection of how many total filings there might be this year, the American Bankruptcy Institute reported total U.S. bankruptcy filings fell 15 percent in the first quarter compared to the same span last year.
According to data provided by Epiq Systems, bankruptcy filings totaled 205,705 in Q1, off by 15 percent from the 231,829 filings registered in the first quarter of last year.
Total commercial filings for the first three months of 2015 came in at 7,392, representing a 19-percent decrease from the 9,135 filings during the same period a year ago.
The 198,313 total noncommercial filings recorded in the first quarter represented an 11 percent decrease from the Q1 2014 total of 222,694.
“Declining bankruptcy totals will likely extend through 2015 as interest rates are still favorable for businesses and consumer debt levels remain flat,” ABI executive director Samuel Gerdano said.
“Total filings this year could drop as low as 800,000,” Gerdano added.
For the month of March, ABI determined the 81,622 total recorded filings represented an increase of 26 percent from the 65,022 filings registered in February, but they were down 14 percent from the 91,283 filings recorded in March of last year.
The 78,973 total noncommercial filings in March marked a 26-percent increase over the February total of 62,748, but constituted a 10-percent drop from the 87,938 noncommercial filings registered last March.
Total commercial filings in March climbed 17 percent to 2,649 over the 2,274 filings recorded in February, but dropped 21 percent from the 3,345 commercial filings registered in March of last year.
The average nationwide per capita bankruptcy filing rate for the first three months of this year increased to 2.65 (total filings per 1,000 per population) from the 2.39 filing rate of the first two months of the year.
States with the highest per capita filing rate (total filings per 1,000 population) for the first quarter were:
1. Tennessee (5.52)
2. Alabama (5.14)
3. Georgia (4.77)
4. Illinois (4.66)
5. Utah (4.07)
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.
Buy-here, pay-here dealers might be seeing a smaller pool of potential customers who just filed for bankruptcy.
The American Bankruptcy Institute cited data provided by Epiq Systems that showed total U.S. bankruptcy filings decreased 13 percent in February from the same month last year. Bankruptcy filings totaled 65,002 in February, down from the year-ago figure of 72,267.
Consumer filings declined 10 percent in February to 62,740 from the February 2014 consumer filing total of 69,403.
In addition, total commercial filings in February decreased to 2,262, representing a 21-percent decline from the 2,864 business filings recorded in February of last year. Total commercial Chapter 11 filings were down 25 percent as February’s commercial Chapter 11 filings decreased to 363 from the 484 filings completed in the same month last year.
“Sustained low interests rates and high costs to file continue to suppress the number of consumers and businesses seeking the financial fresh start of bankruptcy,” ABI executive director Samuel Gerdano said. “The year-over-year filing totals have now declined for over four years.”
Total bankruptcy filings for the month of February increased 10 percent compared to the 59,050 total filings registered in January. The total noncommercial filings for February — 62,740 — also represented an 11 percent increase from the January noncommercial filing total of 56,586.
The February commercial filing total of 2,262 represented an 8 percent decrease from the January commercial filing total of 2,464. February’s 363 commercial Chapter 11 filings represented a 30 percent drop from the 519 filings recorded the previous month.
The average nationwide per capita bankruptcy-filing rate in February was 2.39 (total filings per 1,000 per population), an increase from January’s rate of 2.28.
Average total filings per day in February were 2,322, a 10 percent decrease from the 2,581 total daily filings recorded in February of last year.
States with the highest per capita filing rate (total filings per 1,000 population) in February were:
1. Tennessee (5.17)
2. Alabama (4.83)
3. Georgia (4.66)
4. Illinois (4.22)
5. Mississippi (3.69)
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.
American Bankruptcy Institute officials noticed August contained the largest year-over-year drop in filings thus far in 2014.
According to data provided by Epiq Systems, total bankruptcy filings in the United States decreased 16 percent in August compared to the same month last year. Bankruptcy filings totaled 75,170 in August, down from the August 2013 total of 88,962.
Consumer filings declined 15 percent to 72,467 from the consumer filing total of 85,125 posted last August.
Total commercial filings in August dropped to 2,703, representing a 30-percent decline from the 3,837 business filings recorded in the same month a year ago. Total commercial Chapter 11 filings dipped 41 percent to 357 filings in August from the 604 commercial Chapter 11 filings registered in August of last year.
“The prolonged drop in bankruptcy filings reflects the financial landscape facing consumers and businesses,” ABI executive director Samuel Gerdano said. “Amid sustained low interest rates and high filing costs, total bankruptcies for the year will fall below 1 million for the first time since 2007.”
Total filings for August decreased 3 percent compared to the 77,500 total filings in July. Total noncommercial filings for August also represented a 3 percent decrease from the July noncommercial filing total of 74,613.
August’s commercial filing total represented a 6-percent decrease from the July commercial filing total of 2,887.
August commercial Chapter 11 filings were unchanged from the 357 filings in July.
ABI indicated filings have fallen every month in 2014 compared to the previous year, as both credit card delinquencies and foreclosures have declined.
The average nationwide per capita bankruptcy-filing rate in August was 3.05 (total filings per 1,000 per population), a slight decrease from the 3.07 rate registered in the first seven months of the year.
Average total filings per day in August came in at 2,425, a 16-percent decline from the 2,870 total daily filings in August of last year.
States with the highest per capita filing rates (total filings per 1,000 population) in August included:
1. Tennessee (6.31)
2. Georgia (5.31)
3. Alabama (5.30)
4. Utah (4.95)
5. Illinois (4.85)
ABI partners 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.
The year-over-year decline in bankruptcies recorded in July is leaving the American Bankruptcy Institute thinking that this year’s total could end up being the lowest figure in seven years.
According to data provided by Epiq Systems, ABI indicated total bankruptcy filings in the United States decreased 12 percent in July compared to July of last year.
Bankruptcy filings totaled 77,469 in July, down from the total of 87,746 posted in the same month last year.
Analysts determined consumer filings declined 11 percent to 74,595 from the July 2013 consumer filing total of 84,114.
ABI reported that total commercial filings in July dropped to 2,874, representing a 21-percent decline from the 3,632 business filings recorded in July of last year.
Furthermore, total commercial Chapter 11 filings dipped 34 percent to 357 filings in July, down from the 539 commercial Chapter 11 filings registered in the same month a year ago.
“Consumers and businesses continue to steer away from the financial relief of bankruptcy amid high filing costs and low interest rates,” ABI executive director Samuel Gerdano said.
“Bankruptcy filings for this year will likely fall below 1 million for the first time since 2007,” Gerdano continued
However, Gerdano acknowledged that total filings for July did represent a 5-percent increase compared to the 73,835 total filings in June.
ABI mentioned total noncommercial filings for July also constituted a 5-percent increase from the previous month’s noncommercial filing total of 71,004.
July’s commercial filing total marked a 2-percent increase from the June commercial filing total of 2,831.
Last month’s commercial Chapter 11 filings, however, experienced a 26-percent decrease when compared to the 481 filings registered during the previous month.
ABI noted the average nationwide per capita bankruptcy-filing rate in July was 3.07 (total filings per 1,000 per population), a slight decrease from the 3.09 rate registered in the first six months of the year.
Average total filings per day in July settled at 2,499, a 12-percent decrease from the 2,831 total daily filings in July of last year.
States with the highest per capita filing rates (total filings per 1,000 population) in July came in as follows:
1. Tennessee (6.28)
2. Alabama (5.29)
3. Georgia (5.22)
4. Utah (4.93)
5. Illinois (4.89)
ABI partners 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.
The American Bankruptcy Institute reported that total filings during the first six months of 2014 came in 12-percent below the figure registered at the halfway point of last year.
According to data provided by Epiq Systems, total bankruptcy filings nationwide completed between Jan. 1 and June 30 were 479,362, down from 544,561 total filings during the same period a year ago.
Officials tabulated that the 460,870 total noncommercial filings for the first half of 2014 represented a 12-percent drop from the noncommercial filing total of 520,992 for the first half of last year.
Total commercial filings during the first six months of the year were 18,492, representing a 22-percent decrease from the 23,569 filings during the same period in 2013.
Commercial Chapter 11 filings also fell during the first half of 2014 as the 3,009 filings represented a 13 percent decrease from the 3,454 commercial Chapter 11 filings during the first six months of 2013.
“The steady decline in bankruptcy filings reflects the continued deleveraging of consumers and businesses in a sustained low-interest- rate environment,” ABI executive director Samuel Gerdano said. “We expect the decline to continue through the end of 2014.”
ABI went on to mention the 73,816 total bankruptcy filings for the month of June represented a 12-percent decrease compared to the 83,646 filings in June of last year.
The 71,003 total noncommercial filings for June constituted an 11-percent drop from the June 2013 noncommercial filing total of 80,160.
Total commercial filings for June were 2,813, representing a 19-percent decrease from the 3,486 filings during the same period in 2013.
Commercial Chapter 11 filings registered a 3 percent drop as the 498 commercial chapter 11 filings in June of last year fell to 481 in June of this year.
The average nationwide per capita bankruptcy filing rate for the first six calendar months of this year decreased slightly to 3.09 (total filings per 1,000 per population) from the 3.13 rate for the first five months of the year, and the average total filings per day in June were 2,461, a 12 percent decrease from the 2,788 total daily filings in June 2013.
States with the highest per capita filing rate (total filings per 1,000 population) through the first six months of this year included:
1. Tennessee (6.25)
2. Alabama (5.23)
3. Georgia (5.23)
4. Utah (4.94)
5. Illinois (4.93)
ABI 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.
Continuing an overall trend described by American Bankruptcy Institute leadership as a “nose dive,” total bankruptcy filings in May in the United States decreased 11 percent year-over-year.
According to data provided by Epiq Systems, bankruptcy filings totaled 85,664 in May, down from a total of 96,495 filings recorded in May of last year.
Consumer filings declined 11 percent to 82,474 from the May 2013 consumer filing total of 92,440.
Total commercial filings last month decreased to 3,190, representing a 21-percent decline from the 4,055 business filings recorded in May of last year.
Total commercial Chapter 11 filings dipped 21 percent to 429 filings in May from the 540 commercial Chapter 11 filings registered in the same month a year ago.
“Bankruptcy filings continue to nose dive in the current environment of sustained low interest rates for business borrowers and lower than expected consumer spending,” ABI executive director Samuel Gerdano said. “As these conditions persist, bankruptcy filings will continue to decrease.”
Looking at the data on a sequential basis, ABI indicated total bankruptcy filings for the month of May represented a 3-percent decrease compared to the 88,137 total filings recorded in April.
Total noncommercial filings for May also represented a 3-percent decrease from the April noncommercial filing total of 84,750.
Officials mentioned May’s commercial filing total represented a 6-percent decrease from the April commercial filing total of 3,387. May commercial Chapter 11 filings experienced a 38-percent drop when compared to the 687 filings registered the previous month.
The latest data showed the average nationwide per capita bankruptcy-filing rate in May was 3.13 (total filings per 1,000 per population), an increase from the 3.09 rate registered in the first four months of the year.
ABI said the average total filings per day in May were 2,763, an 11-percent decrease from the 3,113 total daily filings in May.
States with the highest per capita filing rates (total filings per 1,000 population) in May included:
1. Tennessee (6.30)
2. Alabama (5.26)
3. Georgia (5.25)
4. Illinois (5.03)
5. Utah (4.96)
ABI 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.
The American Bankruptcy Institute determined total bankruptcy filings in the United States decreased 13 percent in April compared to the same month last year.
According to data provided by Epiq Systems, bankruptcy filings totaled 87,954 in April, down from the year-ago figure of 100,770.
Officials indicated consumer filings declined 12 percent to 84,579 from last April’s consumer filing total of 96,357.
Total commercial filings last month decreased to 3,375, representing a 24-percent decline from the 4,413 business filings recorded in April of last year.
ABI noted total commercial Chapter 11 filings dipped 4 percent to 683 filings in April, down from the 711 commercial Chapter 11 filings registered in the same month a year ago.
“Sustained low interest rates for business borrowers, sluggish consumer spending and the high costs associated with filing for bankruptcy have kept the filing rates below normal,” ABI executive director Samuel Gerdano said.
Officials pointed out total bankruptcy filings for the month of April represented a 4 percent decrease compared to the 91,253 total filings recorded in March.
ABI went on to mention total noncommercial filings for April also represented a 2-percent decrease from the March’s noncommercial filing total of 87,932.
However, officials acknowledged April’s commercial filing total represented a 2-percent uptick from the March commercial filing total of 3,321.
Furthermore, April commercial Chapter 11 filings also increased, rising 20 percent when compared to the 568 filings registered the previous month.
Epiq’s data also showed the average nationwide per capita bankruptcy-filing rate in April was 3.09 (total filings per 1,000 per population), an increase from the 2.98 rate registered in the first three months of the year.
Average total filings per day in April were 2,932, a 13-percent decrease from the 3,359 total daily filings in April 2013.
States with the highest per capita filing rates (total filings per 1,000 population) in April were:
1. Tennessee (6.32)
2. Alabama (5.22)
3. Georgia (5.19)
4. Illinois (5.00)
5. Utah (4.86)
ABI 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.
The American Bankruptcy Institute reported that total bankruptcy filings in the United States decreased 12 percent in the first quarter compared to the same period last year.
According to data provided by Epiq Systems, bankruptcy filings totaled 231,647 in the first quarter, down from the 263,635 filings registered in Q1 of 2013.
ABI indicated total commercial filings for the first three months of this year were 9,048, representing a 22-percent decrease from the 11,611 filings during the same period year ago.
Officials also highlighted the 222,599 total noncommercial filings recorded in the first quarter marked a 12-percent drop from the Q1 total from last year of 252,024.
“Bankruptcy filings continue to fall due to persistent low interest rates, sustained deleveraging by businesses and households and the high cost of filing,” ABI executive director Samuel Gerdano said.
“Declining year-over-year bankruptcy totals will likely extend through 2014 as companies and families remain committed to cutting costs and shoring up their balance sheets,” Gerdano continued.
When ABI looked at monthly filing rates, officials found all of March’s readings increased in all categories over the previous month.
The 91,234 total recorded filings in March represented a 26-percent increase over the 72,207 filings registered in February, but were down 11 percent from the 102,696 filings in March of last year.
The 87,915 total noncommercial filings in March represented a 27-percent jump above the February total of 69,386, but an 11 percent drop from the 98,569 noncommercial filings in March of last year.
The 3,319 total commercial filings in March increased 18 percent over the 2,821 filings in February, but were 20 percent fewer than the 4,127 commercial filings in March of a year ago.
ABI went on to mention the average nationwide per capita bankruptcy-filing rate for the first three months of this year increased to 2.98 (total filings per 1,000 per population) from the 2.71 filing rate of the first two months of the year.
States with the highest per capita filing rate (total filings per 1,000 population) for the first quarter were:
1. Tennessee (6.25)
2. Georgia (5.30)
3. Alabama (5.13)
4. Illinois (4.84)
5. Utah (4.65)
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.
