January Commercial Chapter 11 Bankruptcy Filings Up 33%
Total commercial Chapter 11 filings were up 33% as January 2015’s commercial Chapter 11 filings increased to 518 from 391 filings in January 2014, according to data provided by Epiq Systems.
Total U.S. bankruptcy filings decreased 14% in January from the same period last year, according to data provided by Epiq Systems. Bankruptcy filings totaled 59,037 in January 2015, down from the January 2014 total of 68,271. Consumer filings declined 13% in January 2015 to 56,588 from the January 2014 consumer filing total of 65,347.
“High costs to file and sustained low interests rates continue to reduce the number of consumers and businesses seeking the fresh financial start of bankruptcy,” said ABI Executive Director Samuel J. Gerdano. “The year-over-year filing totals have now declined for 50 consecutive months.”
Total bankruptcy filings for the month of January 2015 decreased 7% compared to the 63,169 total filings registered in December 2014. Total noncommercial filings for January, 56,588, also represented a 7% decrease from the December 2014 noncommercial filing total of 63,618. The January 2015 commercial filing total of 2,449 represented a 1% decrease from the December 2014 commercial filing total of 2,483. January 2015’s 387 commercial Chapter 11 filings represented a 2 percent decrease from the 394 filings recorded the previous month.
The average nationwide per capita bankruptcy-filing rate in January 2015 was 2.28 (total filings per 1,000 per population), a decrease from December 2014’s rate of 2.93. Average total filings per day in January were 1,904, a 14% decrease from the 2,202 total daily filings recorded in January 2014. States with the highest per capita filing rate (total filings per 1,000 population) in January 2015 were:
1. Tennessee (5.25)
2. Alabama (4.61)
3. Georgia (4.57)
4. Illinois (3.89)
5. Mississippi (3.33)
ABI has partnered with Epiq Systems in order to provide the most current bankruptcy filing data for analysts, researchers and members of the news media. Epiq Systems is a leading provider of managed technology for the global legal profession.