The American Bankruptcy Institute reported U.S. commercial bankruptcy filings increased 26% in November 2016 over November of last year, according to data provided by Epiq Systems. Commercial filings totaled 2,908 in November 2016, up from the November 2015 total of 2,311.
November is the 13th consecutive month with a year-over-year increase in commercial filings. However, total commercial Chapter 11 filings decreased in November 2016, as the 385 filings were 2% less than the 392 commercial Chapter 11 filings registered in November 2015. The total bankruptcy filings of 59,300 in November 2016 represented a 10% decrease from the November 2015 total of 65,562.
“While commercial filings continue to edge up slightly over recent years, fewer consumers are turning to the financial relief of bankruptcy,” said ABI Executive Director Samuel J. Gerdano. “Total bankruptcies remain on track for under 800,000 in 2016, the second-lowest total since BAPCPA was implemented in 2005.”
Total filings for November decreased 6% compared to the 63,055 total filings in October 2016. Total noncommercial filings for November also represented a 6% decrease from the October 2016 noncommercial filing total of 60,015. November’s commercial filing total represented a 4% decrease from the October 2016 commercial filing total of 3,040. Commercial Chapter 11 filings also registered a 4% decrease from the 402 filings recorded in October 2016.
The average nationwide per capita bankruptcy-filing rate in November was 2.51 (total filings per 1,000 population), a slight decline from the 2.53 rate for the first 10 months of the year. Average total filings per day in November 2016 were 1,977, a 10% decrease from the 2,185 total daily filings in November 2015. States with the highest per capita filing rates (total filings per 1,000 population) in November 2016 were:
- Tennessee (5.65)
- Alabama (5.52)
- Georgia (4.76)
- Utah (4.15)
- Illinois (4.14)