October Bankruptcy Filings Increase 16% Over September
Total bankruptcy filings in the United States for the month of October increased 16% compared to September, according to data provided by Epiq Systems, Inc. October bankruptcy filings totaled 101,278, up from the 87,522 filings registered in September 2012.
The 96,498 total non-commercial filings for October represented a 16% increase from the September non-commercial filing total of 83,493. Total commercial filings for October 2012 were 4,780, representing a 19% increase from the 4,029 filings in September. Commercial Chapter 11 filings also increased in October as the 704 filings represented a 3% increase over the 681 filings in September.
“Despite this uptick, total bankruptcy filings for the year remain on pace for about 1.2 million new cases, the lowest total since before the financial crisis in 2008,” said ABI executive director Samuel J. Gerdano. “Sustained low interest rates and weak consumer spending by households deleveraging are helping to restrain bankruptcy filing rates.”
The 101,278 total bankruptcy filings in October represented a 9% decrease from the 111,533 filings registered in October 2011. Total commercial filings for October 2012 were 4,780, representing a 16% decrease from the 5,719 filings during the same period in 2011. The October commercial Chapter 11 filing total of 704 represented a 23% decrease from October 2011