May Business Bankruptcy Filings Decrease 21%
According to the American Bankruptcy Institute, citing data from Epiq Systems, total bankruptcy filings in the U.S. decreased 11% in May 2014 over May of last year.
Bankruptcy filings totaled 85,664 in May 2014, down from the May 2013 total of 96,495. Consumer filings declined 11% to 82,474 from the May 2013 consumer filing total of 92,440. Total commercial filings in May 2014 decreased to 3,190, representing a 21% decline from the 4,055 business filings recorded in May 2013.
Total commercial chapter 11 filings dipped 21% to 429 filings in May 2014 from the 540 commercial chapter 11 filings registered in May 2013.
“Bankruptcy filings continue to nose dive in the current environment of sustained low interest rates for business borrowers and lower than expected consumer spending,” said ABI executive director Samuel J. Gerdano. “As these conditions persist, bankruptcy filings will continue to decrease.”