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October Commercial Chapter 11 Filings Increase 19 Percent

November 05, 2021, 07:38 AM
Filed Under: Bankruptcy

The 294 commercial chapter 11 filings recorded in October 2021 represented a 19 percent increase from the 247 commercial chapter 11 filings in September 2021, according to data provided by Epiq. Overall October 2021 business filings increased 4 percent to 1,775 from September’s business total of 1,705. Total bankruptcy filings increased 2 percent, as the 31,477 filings in October 2021 were up from the 30,915 filings recorded in September. The 29,702 consumer filings in October also represented a 2 percent increase from September’s consumer total of 29,210.
“With the expiration of government relief programs, supply shortages and inflationary price increases, families and businesses are contending with a number of economic challenges,” said ABI Executive Director Amy Quackenboss. “Bankruptcy provides struggling companies and consumers with a reliable lifeline when faced with an uncertain financial future.”
Total U.S. bankruptcy filings in October decreased 22 percent from a year ago, as the 31,477 total filings in October 2021 were down from the 40,218 filings registered in October 2020. The 29,702 consumer filings in October 2021 represented a 21 percent decrease from last October’s consumer total of 37,679. Overall commercial filings in October 2021 totaled 1,775, down 30 percent from the 2,539 filings in October 2020. Commercial chapter 11 filings decreased 47 percent, as the 294 filings in October 2021 fell by almost half from the 550 recorded in October 2020.
The average nationwide per capita bankruptcy filing rate in October was 1.33 (total filings per 1,000 per population), a slight decrease from the filing rate of 1.34 during the first nine months of 2021. Average total filings per day in October 2021 were 1,574, a decrease of 18 percent from the 1,915 total daily filings in October 2020. States with the highest per capita filing rates (total filings per 1,000 population) in October 2021 were:

  1. Alabama (3.14)
  2. Nevada (2.69)
  3. Tennessee (2.45)
  4. Indiana (2.24)
  5. Georgia (2.14)

ABI has partnered with Epiq in order to provide the most current bankruptcy filing data for analysts, researchers and members of the news media. Epiq is a leading provider of managed technology for the global legal profession.

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