Total commercial filings for Q1/15 were 7,392, representing a 19% decrease from the 9,135 filings during the same period in 2014, according to data provided by Epiq Systems. The 198,313 total noncommercial filings recorded in Q1/15 represented an 11% decrease from the 2014 total of 222,694.
Total U.S. bankruptcy filings fell 15% in Q1/15 from the same period in 2014. Bankruptcy filings totaled 205,705 in Q1/15, down 15% from the 231,829 filings registered in Q1/14.
“Declining bankruptcy totals will likely extend through 2015 as interest rates are still favorable for businesses and consumer debt levels remain flat,” said ABI Executive Director Samuel J. Gerdano. “Total filings this year could drop as low as 800,000.”
For the month of March 2015, the 81,622 total recorded filings represented an increase of 26% from the 65,022 filings registered in February 2015, but they were down 14% from the 91,283 filings recorded in March 2014. The 78,973 total noncommercial filings in March 2015 represented a 26% increase over the February 2015 total of 62,748, but a 10% drop from the 87,938 noncommercial filings registered in March 2014. Total commercial filings in March 2015 increased 17% to 2,649 over the 2,274 filings recorded in February 2015, but dropped 21% from the 3,345 commercial filings registered in March 2014.
The average nationwide per capita bankruptcy filing rate for the Q1/15 increased to 2.65 (total filings per 1,000 per population) from the 2.39 filing rate of the first two months of the year. States with the highest per capita filing rate (total filings per 1,000 population) for the first quarter of 2015 were
1. Tennessee (5.52)
2. Alabama (5.14)
3. Georgia (4.77)
4. Illinois (4.66)
5. Utah (4.07)
ABI has partnered with Epiq Systems to provide the most current bankruptcy filing data for analysts, researchers and members of the news media.