Commercial Bankruptcy Filings Drop 22% in H1/12
Total commercial bankruptcy filings during the first six months of the year were 30,946, representing a 22% decrease from the 39,598 filings during the same period in 2011, according to data provided by Epiq Systems. Chapter 11 filings also fell during the first half of 2012 as the 5,313 filings represented a 12% decrease from the 6,070 chapter 11 filings during the first six months of 2011.
“We are on pace for perhaps the lowest total new bankruptcies since before the financial crisis in 2008,” said ABI executive director Samuel J. Gerdano. “With sustained low interest rates and weak consumer spending, we expect bankruptcies to stay at relatively low levels through the end of 2012.”
Total commercial filings for June 2012 were 4,620, representing a 29% decrease from the 6,536 filings during the same period in 2011. Chapter 11 filings registered a 28% drop as the 1,000 chapter 11 filings in June 2011 fell to 718 in June 2012.
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. Epiq Systems is a provider of managed technology for the global legal profession.