Total bankruptcy filings in the United States for the month of August increased 7% compared to July, according to data provided by Epiq Systems, Inc. August bankruptcy filings totaled 104,336, up from the 97,104 filings registered in July 2012. The 99,417 total noncommercial filings for August represented a 7% increase from the July noncommercial filing total of 92,562.
Total commercial filings for August 2012 were 4,919, representing an 8% increase from the 4,542 filings in July. Commercial chapter 11 filings also increased in August as the 648 filings represented an 8% increase over the 600 filings in July. The 4,919 commercial filings for August 2012 represented a 24% decrease from the 6,434 filings during the same period in 2011. The August commercial chapter 11 filing total of 648 represented a 9 percent decrease from August 2011’s total of 710.
The 104,336 total bankruptcy filings in August represented a 14% decrease from the 120,905 filings registered in August 2011. The 99,417 total noncommercial filings for August represented a 13% drop from the August 2011 noncommercial filing total of 114,471.
“Financially distressed consumers and businesses will continue to turn to bankruptcy for relief,” said ABI Executive Director Samuel J. Gerdano. “While the August totals rose slightly over last month, we remain on course for the lowest total new bankruptcies since before the financial crisis in 2008.”
The average nationwide per capita bankruptcy-filing rate of 4.04 (total filings per 1,000 per population) for the first eight calendar months of 2012 (Jan. 1-Aug. 31) remained unchanged from the first seven months of the year. Average total filings per day in August 2012 were 3,366, a 14 percent decrease from the 3,900 total daily filings in August 2011.
States with the highest per capita filing rate (total filings per 1,000 population) through the first eight months of 2012 were:
- Tennessee (7.03)
- Nevada (6.97)
- Georgia (6.58)
- Utah (6.07)
- Alabama (5.69)
ABI has partnered with Epiq Systems, Inc. in order 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.
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 13,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. ww.abiworld.org.
Epiq Systems is a leading provider of managed technology for the global legal profession. Epiq Systems offers innovative technology solutions for electronic discovery, document review, legal notification, claims administration and controlled disbursement of funds. Epiq System’s clients include leading law firms, corporate legal departments, bankruptcy trustees, government agencies, mortgage processors, financial institutions, and other professional advisors who require innovative technology, responsive service and deep subject-matter expertise.