Total bankruptcy commercial filings for November 2014 were 2,248, representing a 27% decrease from the 3,085 filings reported during the same period in 2013, according to data provided by Epiq Systems. Commercial Chapter 11 filings dropped 39% from November 2013.
“Bankruptcies will continue to recede amidst tepid consumer spending, sustained low interest rates and high costs to file for both consumers and businesses,” said ABI Executive Director Samuel J. Gerdano. “We are on pace this year for bankruptcies to be well under 1 million filings, the lowest total since 2007.”
November commercial Chapter 11 filings registered a 24% decrease from the 387 filings in October.
The average nationwide per capita bankruptcy filing rate for the first 11 calendar months of 2014 (Jan. 1-Nov. 30) decreased slightly to 2.97 (total filings per 1,000 per population) from the 3.03 rate reported for the first 10 months of the year. The average daily filing total in November 2014 was 2,013, a 16% decrease from the 2,389 total daily filings reported in November 2013. States with the highest per capita filing rate (total filings per 1,000 population) through the first 11 months of 2014 were:
1. Tennessee (6.22)
2. Alabama (5.34)
3. Georgia (5.30)
4. Utah (4.93)
5. Illinois (4.72)
ABI has partnered with Epiq Systems to provide the most current bankruptcy filing data for analysts, researchers and members of the news media.