Daily News: August 4, 2017

ABI: Commercial Chapter 11s Fall 44% Sequentially, 9% Y/Y

According to the American Bankruptcy Institute (ABI), citing data provided by Epiq Systems, total U.S. bankruptcy filings decreased 8% in July 2017 from June.

Total filings registered 61,366 in July 2017, down from the June 2017 total of 66,789. The 58,522 consumer filings in July also represented an 8% drop from the previous month’s consumer total of 63,372. July business filings decreased 17% to 2,844 from June’s business total of 3,417.

Commercial Chapter 11 filings registered a 44% decrease in July as the 325 filings were down from last month’s total of 582.

“High filing costs continue to steer distressed households and businesses away from the financial relief of bankruptcy,” said ABI Executive Director Samuel J. Gerdano. “The recommendations of ABI’s Chapter 11 Commission, along with the ongoing efforts of the Commission on Consumer Bankruptcy, are striving toward solutions to make bankruptcy more accessible for struggling businesses and families.”

Total U.S. commercial bankruptcy filings registered a minor decrease in July 2017 compared to July 2016 as the 61,366 filings this year were 0.01% less than last July’s 61,371. Consumer filings were up 0.22% in July 2017 over last year’s consumer filing total of 58,391. Total commercial filings decreased 5% from the July 2016 total of 2,980, and commercial Chapter 11 filings were down 9% from last year’s 358 filings.