There were 825 commercial Chapter 11 filings in November 2025, an increase of 20% from the 687 filings registered in November 2024, according to data provided by Epiq AACER, a provider of U.S. bankruptcy filing data. The rise in overall commercial Chapter 11 filings was primarily driven by related filings from larger corporate parent companies.
Small business filings, captured as subchapter V elections within Chapter 11, numbered 223 in November 2025, representing an increase of 23% from the 182 filings in November 2024. Overall commercial filings increased 8% to 2,687 in November 2025, up from the 2,491 commercial filings registered in November 2024.
“November commercial Chapter 11 filings rose 20% year-over-year, with Subchapter V elections up 23%, signaling ongoing financial stress and a return toward pre-COVID levels as CARES Act benefits fade,” said Michael Hunter, vice president of Epiq AACER. “Overall bankruptcy filings increased 8%, while credit card charge-offs remain at historically high levels, though signs of stabilization are emerging.”
“FHA partial claim recidivism is also expected to exert additional pressure on individual filings through 2026. These trends suggest bankruptcy volumes will continue rising next year as households and businesses contend with growing balances, tighter credit conditions amid higher interest rates, and pockets of mortgage distress.”
Total bankruptcy filings were 43,661 in November 2025, an 8% increase from the November 2024 total of 40,305. Individual bankruptcy filings also increased 8% to 40,973 in November 2025 from the 37,814 filings in November 2024. There were 25,329 individual Chapter 7 filings in November 2025, an 11% increase over the 22,871 filings recorded in November 2024, and there were 15,558 individual Chapter 13 filings in November 2025, a 5% increase over the 14,865 filings in November the previous year.
“Rising costs, tighter credit conditions and ongoing geopolitical volatility continue to exert pressure on households and businesses already facing financial strain,” Amy Quackenboss, executive director of ABI, said. “For debt-burdened families and companies, bankruptcy remains a critical pathway to restore stability and rebuild toward a stronger financial future.”
Most categories of bankruptcy filings typically drop from October to November due to fewer business days and the Thanksgiving holiday in November. Total and consumer bankruptcies both decreased 18% when compared to their respective October filing totals of 53,027 and 50,183. Individual Chapter 7 and Chapter 13 filings also decreased 18% each from October’s filings. Overall commercial filings decreased 6% from the 2,844 filings registered in October, and subchapter V elections within Chapter 11 decreased 11% from the 250 filed in October 2025. The large number of related filings pushed commercial Chapter 11s to a 30% increase over October’s 634 filings.
