The American Bankruptcy Institute reported total U.S. bankruptcy filings decreased 10% in February from the same period last year, according to data provided by Epiq Systems. Bankruptcy filings totaled 58,336 in February 2017, down from the February 2016 total of 64,712.
Total commercial filings in February were 2,797, representing a 9% decline from the 3,061 business filings recorded in February 2016. The 390 total commercial Chapter 11 filings in February 2017 represented a decrease of 20% from February 2016’s total of 485
“After consecutive year-over-year monthly increases, the February totals reveal the prevailing trend of fewer bankruptcy filings,” said ABI Executive Director Samuel J. Gerdano. “More financially distressed consumers and businesses may reach for the lifeline of bankruptcy as interest rates increase.”
Total bankruptcy filings for the month of February 2017 increased 6% compared to the 55,237 total filings registered in January 2017. Total noncommercial filings for February, 55,539, represented a 6% increase from the January 2017 noncommercial filing total of 52,419. The February 2017 commercial filing total of 2,797 represented a 1% decrease from the January 2017 commercial filing total of 2,818. February 2017’s 390 commercial chapter 11 filings represented a 3% decrease from the 401 filings recorded the previous month.
The average nationwide per capita bankruptcy-filing rate in February 2017 was 2.19 (total filings per 1,000 per population), a slight increase from January 2017’s rate of 2.13. Average total filings per day in February were 3,070, a 5% decrease from the 3,236 total daily filings recorded in February 2016. States with the highest per capita filing rate (total filings per 1,000 population) in February 2017 were:
- Alabama (5.42)
- Tennessee (5.23)
- Georgia (4.41)
- Mississippi (3.64)
- Illinois (3.62)
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency.