ABI: Commercial Chapter 11 Bankruptcies Drop 9% Year/Year
The American Bankruptcy Institute (ABI) said, according to data provided by Epiq Systems, total bankruptcy filings in the U.S. for the month of August increased 7% compared to July. Compared to the same month one-year ago, ABI said total bankruptcy filings in August decreased 14%.
August bankruptcy filings totaled 104,336, up from the 97,104 filings registered in July 2012. The 99,417 total non-commercial filings for August represented a 7% increase from the July non-commercial filing total of 92,562.
Total commercial filings for August 2012 were 4,919, representing an 8% increase from the 4,542 filings in July. Commercial Chapter 11 filings also increased in August as the 648 filings represented an 8% increase over the 600 filings in July.
“Financially distressed consumers and businesses will continue to turn to bankruptcy for relief,” said ABI executive director Samuel J. Gerdano. “While the August totals rose slightly over last month, we remain on course for the lowest total new bankruptcies since before the financial crisis in 2008.”
The 104,336 total bankruptcy filings in August represented a 14% decrease from the 120,905 filings registered in August 2011. The 4,919 commercial filings for August 2012 represented a 24% decrease from the 6,434 filings during the same period in 2011. The August commercial Chapter 11 filing total of 648 represented a 9% decrease from August 2011’s total of 710. The 99,417 total non-commercial filings for August represented a 13% drop from the August 2011 non-commercial filing total of 114,471.
To read ABI’s release in its entirety, click here.