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Commercial Chapter 11 Filings Dip Slightly in January, Y/Y

February 07, 2019, 08:00 AM
Filed Under: Bankruptcy

Commercial Chapter 11 filings declined slightly in January, with 365 total commercial Chapter 11 filings down from January 2018’s total of 366, according to data provided by Epiq Systems, Inc. Total commercial bankruptcy filings increased slightly to 2,907, representing a 1 percent increase from the 2,892 business filings recorded in January 2018, American Bankruptcy Institute reported.

Total bankruptcy filings last month of 57,618 increased 5 percent from January 2018’s total of 54,650 filings. Consumer filings increased 6 percent in January to 54,711 from the January 2018 consumer filing total of 51,758. 

The January 2019 commercial filing total of 2,907 represented a 1 percent decrease from the December 2018 commercial filing total of 2,932, and January 2019’s 365 commercial Chapter 11 filings fell 20 percent from the 455 commercial Chapter 11s recorded in December.

Total U.S. bankruptcy filings increased 11 percent in January 2019 from December 2018. Bankruptcy filings totaled 57,618 in January 2019, up from the 52,037 total filings registered in December 2018. 

Consumer filings increased 11 percent in January to 54,711 from the December 2018 noncommercial filing total of 49,105. 

“Struggling businesses and families trying to climb out of financial distress are confronted with high filing costs and challenging global economic conditions,” said ABI Executive Director Samuel J. Gerdano. “ABI’s Commission on Consumer Bankruptcy will release a report in the Spring to improve the bankruptcy system for financially strained consumers, while recommendations from ABI's Chapter 11 Reform Commission provide a blueprint to improve bankruptcy access for troubled businesses.” 

The average nationwide per capita bankruptcy-filing rate in January 2019 was 2.23 (total filings per 1,000 per population), a decrease from December 2018’s rate of 2.43. Average total filings per day in January 2019 were 2,744, a 6 percent increase from the 2,602 total daily filings recorded in January 2018. States with the highest per capita filing rates (total filings per 1,000 population) in January 2019 were:

  1. Alabama (5.30)
  2. Tennessee (5.05)
  3. Mississippi (4.19)
  4. Georgia (4.13)
  5. Arkansas (3.65)

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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