Daily News: January 7, 2013

2012 Commercial Bankruptcy Filings Down 22% Y/Y


Total bankruptcy filings totaled 1,185,328 nationwide for calendar year 2012, a 14% decrease from the 1,379,658 total filings during the same period a year ago, according to data provided by Epiq Systems.

The 1,127,540 total noncommercial filings during calendar year 2012 represented a 14% drop from the noncommercial filing total of 1,305,243 during calendar year 2011.

Total commercial filings during calendar year 2012 were 57,788, a 22% drop from the 74,415 filings during the same period in 2011. Chapter 11 filings also fell in 2012, as the 7,760 filings represented a 10% decrease from the 8,658 chapter 11 filings in 2011.

“The 2012 filings represent the lowest total since the financial crisis in 2008,” said ABI executive director Samuel J. Gerdano. “With low interest rates, reduced consumer spending and continued deleveraging by households, bankruptcy filings will likely continue their decline in 2013.”

The 75,556 total bankruptcy filings for the month of December represented a 22% decrease compared to the 96,527 filings in December 2011. The 71,817 total noncommercial filings for December represented a 21% drop from the December 2011 noncommercial filing total of 90,958. Total commercial filings for December 2012 were 3,739, representing a 33% decrease from the 5,569 filings during the same period in 2011. Chapter 11 filings registered a 25% drop as the 742 chapter 11 filings in December 2011 fell to 559 in December 2012. Average total filings per day in December 2012 were 2,437, a 22 percent decrease from the 3,114 total daily filings in December 2011.