Epiq Systems Data Shows Decline in Bankruptcy Filings
Total bankruptcy filings in the United States decreased 13 percent in April 2014 over April of last year, according to data by Epiq Systems. Bankruptcy filings and totaled 87,954 in April 2014, down from the April 2013 total of 100,770.
Consumer filings declined 12 percent to 84,579 from the April 2013 consumer filing total of 96,357. Total commercial filings in April 2014 decreased to 3,375, representing a 24 percent decline from the 4,413 business filings recorded in April 2013. Total commercial chapter 11 filings dipped 4 percent to 683 filings in April 2014 from the 711 commercial chapter 11 filings registered in April 2013.
“Sustained low interest rates for business borrowers, sluggish consumer spending and the high costs associated with filing for bankruptcy have kept the filing rates below normal,” said ABI Executive Director Samuel J. Gerdano.
Total bankruptcy filings for the month of April represented a 4 percent decrease compared to the 91,253 total filings recorded in March 2014. Total noncommercial filings for April also represented a 2 percent decrease from the March 2014 noncommercial filing total of 87,932. However, April’s commercial filing total represented a 2 percent increase from the March 2014 commercial filing total of 3,321. April commercial chapter 11 filings also increased, rising 20 percent when compared to the 568 filings registered the previous month.
The average nationwide per capita bankruptcy-filing rate in April was 3.09 (total filings per 1,000 per population), an increase from the 2.98 rate registered in the first three months of the year. Average total filings per day in April 2014 were 2,932, a 13 percent decrease from the 3,359 total daily filings in April 2013. States with the highest per capita filing rates (total filings per 1,000 population) in April 2014 were Tennessee (6.32), Alabama (5.22), Georgia (5.19), Illinois (5.00) and Utah (4.86).
ABI has partnered with Epiq Systems in order to provide current bankruptcy filing data. Epiq Systems is a provider of managed technology for the global legal profession.