U.S. bankruptcy filings increased 1% in July 2018 from July 2017, according to data provided to the American Bankruptcy Institute by Epiq Systems.
Total filings registered 62,196 in July 2018, up from the July 2017 total of 61,433. The 59,128 consumer filings in July also represented a 1% increase from the previous year’s consumer total of 58,511. July 2018 business filings increased 5% to 3,068 from July 2017’s business total of 2,922. The 411 commercial Chapter 11 filings in July 2018 were a 23% increase over the 333 commercial chapter 11 filings last July.
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“Distressed consumers and businesses struggling under increasing interest rates and global challenges are provided with financial shelter in bankruptcy,” said ABI Executive Director Samuel J. Gerdano.
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July’s commercial Chapter 11 filings represented a 33% increase over last month’s total of 308. Total commercial filings were also up 1% over the June total of 3,051. However, total bankruptcy filings decreased 2% in July from last month’s total of 63,728.
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The average nationwide per capita bankruptcy-filing rate in July was 2.49 (total filings per 1,000 per population), a slight decrease from the filing rate of 2.50 during the first six months of 2018. Average total filings per day in July 2018 were 2,962, a 4% decrease from the 3,072 total daily filings in July 2018. States with the highest per capita filing rates (total filings per 1,000 population) in July 2017 were:
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1. Alabama (5.66)
2. Tennessee (5.48)
3. Georgia (4.52)
4. Mississippi (4.27)
5. Illinois (3.77)
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ABI has partnered with Epiq Systems to provide the most current bankruptcy filing data for analysts, researchers and members of the news media. Epiq Systems is a leading provider of managed technology for the global legal profession.
