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Commercial Chapter 11 Filings Fall 27% Y/Y in August

September 07, 2018, 07:17 AM
Filed Under: Bankruptcy

Commercial Chapter 11 bankruptcies for August totaled 361, down 27 percent from the 492 commercial Chapter 11 filings in August 2017, according to data provided by Epiq Systems, Inc. Total business filings decreased 6 percent to 3,164 from August 2017’s business total of 3,366. August business filings increased 2 percent to 3,164 from July’s business total of 3,104. 

The 68,499 total filings for August 2018 registered a slight increase over the August 2017 total of 68,231 filings, American Bankruptcy Institute reported. The 65,335 consumer filings in August represented a 1 percent increase from the previous year’s consumer total of 64,865. 

Total U.S. bankruptcy filings increased 10 percent in August 2018 from July. Total filings registered 68,499 in August 2018, up from the previous month’s total of 62,223. The 65,335 consumer filings in August also represented an 11 percent increase from July’s consumer total of 59,119.

“Debt-burdened consumers and businesses look to the financial reprieve that bankruptcy provides,” said ABI Executive Director Samuel J. Gerdano. “Both the recommendations of ABI’s Chapter 11 Commission and the ongoing efforts of the Commission on Consumer Bankruptcy are focused on making bankruptcy more accessible for distressed businesses and households.”

The average nationwide per capita bankruptcy filing rate in August was 2.51 (total filings per 1,000 per population), a slight increase from the filing rate of 2.49 during the first seven months of 2018. Average total filings per day in August 2018 were 2,978, a slight increase from the 2,967 total daily filings in August 2017. States with the highest per capita filing rates (total filings per 1,000 population) in August 2018 were:

  1. Alabama (5.73)
  2. Tennessee (5.56)
  3. Georgia (4.62)
  4. Mississippi (4.32)
  5. Illinois (3.81)

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

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